Tips in selecting and working with good Brokers
Good brokers target the rich, not the middle class.
Brokers who do the best job are those who understand their clients' portfolios. They call you up when you lose money. The best brokers are actually teachers, not salespeople.
They educate you, not just sell you things. Of course, brokers often worry they'll spend time educating a client only to have that client leave.
A lot of people have problems most brokers don't know how to solve --too much money. Most brokers don't realize that is really a big problem for some of their clients.
A good broker, just will not try to sell their client something, if it does not resolve a clients problem.
---A good broker has a good understand and working knowledge of tax and funding laws and is able to help with cash management.
--- Spend pretax money to buy assets before the government tax it away. The rich get richer because the government almost forces them to reinvest their money.
Many brokers focus on the paper side of investments. To be a businessperson, you have to understand other asset classes like businesses, real estate and paper investments. That's what makes the rich, rich.
Brokers need to understand how all three assets interrelate, and know how to use them to help their clients become sophisticated investors.
Brokers who make a lot of money understand that corporate and tax laws are written for the entrepreneur, the risk-taker. Two of the most influential laws were the 1943 Current Tax Payment Act, which allows Uncle Sam to take taxes out of our paychecks before we even get them, and the 1986 tax reforms, which took away C corporation tax advantages from self-employed professionals such as lawyers and doctors.
Some brokers are just that. They're broke.
A good Broker is a member of a team that includes an accountant, a tax attorney, a banker, an insurance agent and a financial planner.
Host and/or attend regular Scheduled gatherings, with the above team members so they can meet each other and other professionals. The net result can be "all" making a profit because they brought together information from different disciplines.
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