Death Caller ID
as a broker, there is an unwritten rule that you do not steal clients from a partner because we all work on commission. Our office phone system works in such a way that if one desk is unmanned, the call will be transferred to another desk until it is received. When I receive a call of this nature, I can pull in investor information and see exactly what the portfolio holds and who it normally deals with. If the client is long-term and has a preference for a particular broker, I just tell them that I will have their broker calling them back. Once I decided to ignore this rule, it ended up causing a huge scene.
Although we all have stocks to push, there is a degree of flexibility in that we recommend our customers buy that differentiate each of us. Therefore, what I recommend may be in stark contrast to what the guy sitting next to me can recommend. One day I get a call from my desk from a big client. This client is so big, in fact, that he’s the main bread and butter for one of my co-workers. The day the customer phoned was the last day of a week-long vacation my co-worker had taken, so I knew he wouldn’t be able to call again until the next day. Incidentally, I was pushing for a stock that had just managed to be a month low, but that I knew was ready to be reborn. I was sure of this condition, like any I would have recommended before. Still, I knew I was going to get a huge hell out of everyone for making a commission from another broker’s primary client. I decided that I could not allow the investor to pass, so I simply told him that his broker had told me to tell him about the shares I was sure of if the client phoned, and that his broker would return tomorrow . Client bit in stock and made a big purchase. I thanked him, filled out a commission sheet with my co-workers information on him (so that he was the one who would benefit from my work) and forgot about it. I realized that I could have a nice “thank you” after his return … especially if the actions performed as I expected and the client was happy. At the end of the day, I checked the stock to find it had climbed to three startling points. I was not thinking of selling to my co-worker’s client as I, myself, had made some sales of it to my clients and was happy that they would benefit from my recommendation.
The next day, I went in to find my co-worker (yes, that co-worker) standing at my desk. He had seen his client on my caller ID and had continued to throw a suitable “Class A” in front of God and all. I just stood there as he glared at me as if I had devoured his firstborn. Not only did he scream at me, but several others joined in, thinking I had sold his client to my name. I didn’t say a word. I knew he, and they, had discovered that I was putting the sale under his name and that the shares had performed extremely well. He said his last and smelled again at his desk.
Each morning, we receive a printout of the previous day’s activity, around 9:00 am. This is usually about the time I go down to the cafeteria for a cup of coffee. When I returned, it was a co-worker of mine, standing at my desk and smiling from ear to ear. Not only had he made a beautiful commission without even being at work, his client called out to thank him while I was getting coffee. I just smiled back, knowing he had to feel about two feet tall. I had lobster for lunch that day, and guess who paid.
I want the identity of the caller.