The letting go of my broker/dealerBlog added by Roy E. Barry, CEO on January 31, 2011
rbarry2

Roy E. Barry, CEO

Bridgewater, NJ

Joined: December 16, 2010

Those of you out there fully licensed as a registered rep, either Series 7, 6, 65 or 63 I want to let you know what a relief it has been for me to release myself from the ties of a broker dealer. After 27 years as a licensed rep I feel a total sense of freedom, not from being able to do what I couldn’t do prior, but rather to be able to explore the areas of my practice that I feel is more meaningful to my clients than the ups and downs of Wall Street.

As of March I will be forming an alliance using my Series 65, which I feel is the way our industry is going. In the meantime I am on my long overdue honeymoon.

Since my departure on June 9th, 2010 my sense of who I am has grown immensely from letting go of all the stress I endured, especially in the last five years. The pendulum has gone so far to the right that one day, and I am sure it is imminent that that pendulum is going come back with such force that the world of the broker will be a totally different animal, outside of being a bear or a bull.

What I learned and am still learning is seniors want help — good help and good advice: Being an advocate and laying out the realities of the financial condition of our society, taking the gloom and doom out of the equation and explaining their best options mathematically.

Using simple math can help make the process of helping much easier. No more concerns if the market is up or down, but knowing what I will have and knowing when I can have it. Proper use of the withdrawal benefits working alongside the asset bucket can make a pretty picture. I describe it more like having a defined benefit plan working alongside a defined contribution plan. One you will know what you have at a certain period of time, the other you know you will never take a loss on, and could have substantial gains as well.

Working in a non-equity environment makes for more concrete choices for the retiree — being able to put the mortar between the bricks of their retirement foundation.

Security and safety are the two words I could not use when selling equities. I was plagued by the fear that the market will tumble, and the fear I would be responsible for the losses either literally or figuratively.

With all the talent that I see on this website and the eagerness of doing the right thing without all that ungodly pressure that is imposed on us through FINRA and the SEC is a happy resolve for me. We all want to do the right thing, yet we who have the right values and ethics as an indellible part of our character and practice are the ones who must take the pressures of those few who run ramshod over their clients giving the industry a bad name.

Shame on them, but hooray for us who are keeping the light of our industry glowing with our brightness! Looking forward to using my Series 65 for the good of all I meet.
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