Thursday, October 22, 2009
Take whatever you think you know about stockbrokers and throw it out the window, says Scott Kaufmann, 1983 graduate and financial adviser for Edward Jones Investments.
First of all, “stockbrokers” don’t really exist anymore. The correct term is “financial adviser” because professionals help customers manage all financial assets, not just stocks and bonds.
Although Kaufmann graduated summa cum laude, apparently you don’t have to be all that bright to become a financial adviser. The smart business students get their MBAs, become investment bankers and make a lot more money than financial advisers, Kaufmann says.
“Most people in my industry, you would be surprised how low their GPA was,” he says. “It doesn’t tend to attract straight-A students.”
And financial advisers usually don’t work in skyscrapers, wildly running around like Wall Street stockbrokers portrayed in movies, he says. Kaufmann is the only adviser who works at his Edward Jones branch, which is located in an old shopping center at the edge of Kansas City, Kan. Big buildings located downtown are not conducive to meeting with clients.
Finally, most “stockbrokers” are not sleazy, greedy scumbags who are out to steal your money. Independent auditing companies have actually ranked Edward Jones as one of the most ethical companies in the U.S., he says.
He and his wife take a few trips across the world each year, but Kaufmann says he built up to that standard of living. When he first began working for Edward Jones, he went door-to-door to recruit clients.
When it comes down to it, Kaufmann is just a regular suburban businessman who enjoys helping people protect their financial assets.
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