I get a steady stream of these types of emails, but I think the pace has picked up a bit lately. I post this so that all of the financial professionals of conscience out there can know that they are not crazy and they are not alone.
Guys, it’s time to call it. I want you to go through the mental exercise I went through in early November of 2011. Pull up your equity run. Go through account by account. Think about the people therein listed, and their money that is with you. Then imagine having to call every one of those people and tell them that their money is gone. All of it. Up in smoke.
Now, in addition to having all of their money stolen, think about those people and ask yourself how many of them would be at risk for suffering any of the following eventualities as a direct result of being wiped out:
Alcoholism (either new or relapse)
Loss of faith in God
I suspect that the Apple crash has something to do with this uptick in “I’m done” emails, as it appears that most of the guys I’m hearing from are on the equities side. Whatever. Whatever it takes to make you realize that it is absolutely morally incumbent upon YOU to do everything you can to protect whatever monies your clients have with you. Don’t think for one second that Christ Almighty doesn’t know and understand the term “fiduciary duty” and won’t hesitate to drop it on you at your Particular Judgment.
I’m a Catholic, a gun owner, a southerner, a family man, I’m also a financial advisor. I see where this is headed. I’m in the process of an exit strategy of the business. I can no longer represent a system that is rigged. I see these gutless masters-of-their-universe peers who are so far from a state of reality, I just can’t do it anymore. I’m going to advise my clients to get out because I’m getting out. As you know, the money is good, but if I continue, I’m part of the problem. I don’t know what I’ll do, but I’ll figure it out.