Why I Focus on the Client
James G. Taylor, MBA PhD
Do you worry about having enough money for a comfortable retirement for yourself or your organization?
Imagine your self as a retiree "Jack" who recently retired after spending 45 years working in a union manufacturing plant building a comfortable retirement fund for yourself. Unfortunately, Jack's retirement fund was decimated by bad investments. You probably know someone like Jack. An Uncle or family friend who you consider a hard working American.
The investment advisors of Jack's company invested a majority of the funds in risky Junk Bond securities with a now defunct Wall Street Firm that declined and went bankrupt along with much of the junk bond market.
Imagine how it would feel to have worked your entire life, only to have an investment manager risk your retirement savings and lose a majority of your money. Jack's retirement checks were cut by more than 65%. Some money was recovered in lawsuits 10 years later, but by then, Jack's prime retirement years were over, and he was reduced to living mostly on social security checks.
This story of "Jack" is true.
Jack was my Grandfather.
Jack was my hero. He volunteered for the Army Air Corps in WWII and served in China-Burma-India. He came home and lived an honorable life raising three children and worked his life in a Pennsylvania factory building that union pension retirement.
Until the Wall Street Greed kicked in.
Even in 2007-2008 many Americans very close to retirement were not prepared for the financial crisis and were not left with enough money to retire or lost a large portion of their retirement due to Wall Street Greed.
This happens all the time in the financial services industry where brokers, investment bankers, and Wall Street puts their own interests ahead of yours.
Not much has changed. Who is watching your money?
"When I started in the investment management business 25 years ago, I promised myself that I would never take those kind of risks with my clients funds."