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The Loyal Loser

For example, I personally fall into that last category. A couple of years ago I hired a full

service broker from a well-known firm for some of my accounts. She was a nice young

person, and I liked her so much that I was loath to leave her

even though I consistently lost

money with her management. I took the losses without saying a word, because I figured we

were friends. So did she-until she got a promotion and turned over all her portfolios to a

replacement. The new broker was even nicer and friendlier than the first, but she was a

goner before she unpacked her nametag. I closed my account immediately.

The point here is that I was looking to make a profit, not new friends. The first broker, really,

was a nice person, and probably used a lot of that friendliness to keep clients such as me.

She certainly wasn't keeping clients because of the profits we were making.

As for the second broker, I never lost a cent, but that was because I finally wised up to the

fact that I was keeping these professionals on my payroll because they were friendly, not

effective. Who would keep a plumber on staff when all the faucets still leak? In all fairness,

the replacement broker may have been poised to make me a great deal of profit, but I had

decided by that point to take control of my money and manage it myself.