How Free Training Can Cost You a Bundle

Published Tuesday, March 01, 2005

“Training is everything…cauliflower is nothing but cabbage with a college education.” — Mark Twain To this famous quote brokerage firms might add: “Financial advisors are but Avon salesmen transformed by their wirehouse-sponsored tutoring.” Such is the strength of the conviction that brokers are deeply indebted to the institutions that educated them in the ins and outs of the retail securities industry. Anyone who doubts this needs to read the following, because the cost of not understanding a broker's training-related commitments is high. In recent months I have spoken with a number of clients who departed ...

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