Wirehouse CEO Hitler Reacts
613 views10/20/2018
The CEO of a major wirehouse bank (Hitler) responds to attacks on his fee based brokerage business
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| 00:00 - 00:03 | Fee-based advisors are gaining market share |
| 00:04 - 00:05 | Robo-advisors are attacking. |
| 00:05 - 00:07 | Competitors claim zero commissions. |
| 00:08 - 00:12 | The board insists on 200 more basis points in margin! |
| 00:12 - 00:15 | When the correction comes AUM will drop! |
| 00:17 - 00:19 | Everything will be fine. |
| 00:19 - 00:21 | The talking penguin ads will fix everything. |
| 00:24 - 00:26 | Who is going to tell him what Steiner did? |
| 00:27 - 00:28 | Penguins didnt test well. |
| 00:31 - 00:33 | Were going with Itchy & Scratchy. |
| 00:34 - 00:36 | Millenials like them. |
| 00:53 - 00:58 | These people will stay here: Keitel, Jodl, Krebs and Burgdorf. |
| 01:13 - 01:15 | Launching penguins was an order! |
| 01:15 - 01:17 | It'll be bigger than When E.F. Hutton talks, people listen. |
| 01:18 - 01:23 | Why would anyone question my marketing skillz? |
| 01:25 - 01:28 | Do they even have a Twitter blue check mark? |
| 01:29 - 01:31 | Steiner has a blog though. |
| 01:31 - 01:34 | We cant just put customers in ETFs like competitors. |
| 01:34 - 01:37 | Our overhead for things like research is enormous. |
| 01:37 - 01:40 | The sell-side makes it worse with incessant channel checks! |
| 01:40 - 01:42 | You're insulting people who tell us great quarter. |
| 01:42 - 01:46 | They get paid by people like me for being cheeleaders. |
| 01:46 - 01:48 | What would happen to earnings calls? |
| 01:48 - 01:52 | Fiddlesticks! |
| 01:53 - 01:54 | Steiner spent years getting an MBA. |
| 01:56 - 01:57 | But mostly took trips to vacation destinations! |
| 01:57 - 02:00 | He fought expansion into funds of funds. |
| 02:00 - 02:03 | We missed sales loads, high fees and surrender charges! |
| 02:04 - 02:08 | He convinced me to ban sales commissions on retirement accounts. |
| 02:08 - 02:13 | More of our elderly customers die as each day passes. |
| 02:14 - 02:16 | Cross selling is getting harder! |
| 02:17 - 02:21 | Our unreasonable employees want "work life balance." |
| 02:27 - 02:29 | Cold calling is beneath them! |
| 02:30 - 02:34 | Many keep 40% of revenue they generate! |
| 02:34 - 02:36 | Our pretax margins are just 28%. |
| 02:41 - 02:42 | Earning interest on cash balances isn't enough! |
| 02:43 - 02:47 | We must earn more marks from marks! |
| 02:48 - 02:53 | I have seven mortgages! |
| 02:54 - 02:56 | My Gulfstream isn't paid off! |
| 02:56 - 02:59 | Beach week is next month! |
| 03:00 - 03:02 | My broker couldnt generate alpha if his life depended on it! |
| 03:04 - 03:07 | Don't worry. We sold your vested restricted stock. |
| 03:14 - 03:16 | What about a fiduciary standard for me? |
| 03:19 - 03:23 | Why didnt I open a Vanguard account by myself? |
| 03:25 - 03:26 | Jim Simons at Renaissance wont take my calls. |
| 03:31 - 03:33 | David Tepper at Appaloosa wont respond to my emails. |
| 03:40 - 03:46 | I even left voice mails for Jim Chanos. No response! |
| 03:46 - 03:49 | Im too old to be the next Warren Buffett. |
| 03:53 - 03:56 | The basis points are slipping away. |