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I’m Basically A Whore

The man who made this statement was the Michigan based marketing head of a money management firm headquartered in Connecticut

Wealth Management on Ulitzer

These words remain very clear in my mind, but they were shocking to me (as they probably are to you) the first time I heard them. In fact, when the man made this statement to me, it took me so far aback, that he had to repeat them. “I’m basically a whore,” he says sheepishly and with regret in his voice. Of course I said, “What to you mean?”

The man who made this statement was the Michigan based marketing head of a money management firm headquartered in Connecticut. He was responsible for bringing new money into the firm for investment. He didn’t manage any money, he just bird dogged it. He made his living off of inducing people to do business with the money manager. I was his new protégé – that lasted almost six months.

He explained himself in that he was willing to do pretty much anything in order to get people to bring him money – and he rightly recognized himself as for sale. These days this is even more common place as the volume of marketers of financial products has increased at the same time the quality of advice has diminished. It was this mindset that created the Madoff’s and Stanford’s of the world.

My “boss” made that statement to me in 1987 and I remember it like it was over lunch today. I made up my mind, at that very instant, that I would be something else. I determined that I would do everything in my power to legitimately make money for our customers – and we have. I set out to have healthy relationships with people who wanted their money managed to produce results achieved with integrity – and we do. That if people wanted something other than great investment results from me, we would refuse their business and send them elsewhere – and that is exactly what we have done.

Fifteen years into this our investment results are in the top one or two percent of investment managers over that period. Clients that have brought us money as recently as 2006, have profits in their accounts, while the world at large comments about the “lost decade” - meaning they have no gains after 10 years. At the end of 2009, someone who had trusted us with their money in 1995, was rewarded with close to four times the money they entrusted to us. 

The Barfield Group is a professional investment advisor providing to investors what investment advisors should provide – expertise that makes wise, profitable investments, increases net worth, reduces taxes, and creates value. We make our money by making you money. We are here to help.

Read the original blog entry...

More Stories By Dana Barfield

Dana is the president of The Barfield Group, which has provided industry leading Financial Advice, Investment Services, and helped people Plan for Retirement for more than 20 years. He is a frequent speaker and writer for a variety of industry, regional, and national publications on business ownership and wealth building related topics.

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