Should You Tell Clients About That Bonus?
“What have I done?” That question haunted me after I moved from my old shop, a wirehouse, to the greener pastures of a new, fee-only advisory firm. I’d wake up in the middle of the night and handicap which clients would follow my team. The battle for assets was a war,...
A Death-Rattle for ‘Two-and-20’ in Private Investing
IPO allocations are the pits if you are a financial adviser. You indicate a 50,000-share interest in the new offering. Then, on the day trading begins, you may get 100 shares and an ‘attaboy' to spread around your clients. Painful. Because of experiences like that, I...
The Client Strikes Back at Hedge Funds
The California Public Employees' Retirement System is no longer a fan of hedge funds. I never was. But our reasons aren't exactly the same. With $295 billion in assets, Calpers discovered the challenge of finding great hedge funds and not overwhelming them with size....
Stirring Up a Potion for Referrals
"My business is all referrals." I hear this claim from financial advisers a lot, and I'm skeptical. My team managed over a billion dollars. We received our share of endorsements. But waiting for them was like watching grass grow. Think about it. There's plenty of...
Norb Vonnegut
The New York Times describes my novels as “money porn,” “a red-hot franchise,” and “glittery thrillers about fiscal malfeasance.” Through fiction I explore the dark side of money and the motivations of those who have it, want more, and will steamroll anybody who gets in their way.