Persistence

About 8:00 pm one evening a few years ago, someone rang the doorbell.  It was dark out.  The fellow on the porch was an Edward Jones financial advisor out looking for clients.  I spoke to him briefly, telling him that I didn't use an advisor, and did my own investing through a discount brokerage.

Since then, Frank has called me every couple of months wondering how I am doing.  I tell him all of the concerns I have about financial advisors.  Still he persists.

Frank suggested I get a TFSA (Tax-Free Savings Account).  Initially I said that I didn't see much value in them, because interest rates were low and the tax savings wouldn't be much. With some prodding, however, I opened one two months ago.   He called again last saturday.  I said I'd taken his advice and opened an account.

I  had mentioned to Frank before that I didn't see how he was making any money with me.  Other investment firms had not been interested in having me as a client.  They either receive part of a commission or charge a fee, which I'm not interested in paying.

Times may be hard for small financial advisors.  In the recent financial meltdown, they may have lost clients. Hard to tell, though, because they always groan so much about how little they receive anyway.  Wall Street investment bankers may take home millions in bonuses, but small advisors and brokers usually have a small office, sometimes in the corner of a bank or insurance agency.  They have to be salespeople.

I spent a couple of sessions with Ellen at Coast Capital, discussing mutual funds.  That possibility fell through when Coast Capital refused to take some deposits.

I once went to the Scotia McLeod office in Semiahmoo Mall to get financial advice. The receptionist told me that they had no one to talk to walk-ins.  She said I could call and make an appointment, but didn't take my name or phone number.  I didn't contact them again.

I once contacted BMO InvestorLine.  I asked them if they stood behind the products that they sold.  She asked if I meant protection from market risk?  I said no, but if I have problems with a product or provider, would they assist me?  I don't think she understood what I meant.  Simply put, what services are they providing? I didn't open an account.

I think I've told Frank these things.  I sometimes wonder why some people are so persistent, while others are so indifferent.  From experience, I guess they find out what pays off.