The basic premise of a broker pitching a client is “I’m going to be able to consistently generate 20 percent returns a year or I’m going to consistently beat the market.” They have no way to show any track record. They are managing hundreds of different accounts, each one is different. So I think it starts with a lie.
Correction: be able
I’ve been carrying around this huge chip on my shoulder and a wealth of insider knowing about the brokerage business for way too long. It had to come out somewhere. It was pretty exciting to write it, and it’s still pretty exciting to think about what’s going to happen when this hits the street in a few weeks.
Correction: knowledge
http://www.businessweek.com/articles/2012-02-28/confessions-of-a-reformed-stockbroker
