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WALL STREET COMES A-COURTIN' Last in a 3-part series
NEW YORK - Used to be that Earl Romero hadn't met a government bond that he didn't like.
Starting out as an H.D. Vest representative more than three years ago, Romero's investment style left room for improvement. "The problem I had was getting confidence," said enrolled agent Romero. He became familiar with various investment funds by putting his own money into them. "I got very comfortable real quick," he said with a smile. "My greatest accomplishment was getting my wife, Maria, to invest money."
Although Romero is now so adept at investments that he counts 25 percent of his 650 active tax and accounting clients as investment clients, he is reminded of his early days when he counseled Vest newcomers through the Irving, Texas-based broker/ dealer's Regional Support Systems program.
"The only thing one of the new guys wanted to know was Vest's CD rates," Romero said.
"That's not what we're here for."
Taking baby steps is the most popular way for tax and accounting professionals to get involved with selling financial products. It's not easy for pracs to jump headlong into an area that requires subtle sales skills.
"We're used to people coming in with a problem, we find the solution and our fee is based upon our rate per hour," Romero said.
Two years passed between the time Baltimore CPA Charles "Bud" Imhoff first thought about becoming an investment adviser and when he signed up with Dallas-based 1st Global Partners.
And, as with Romero, Imhoff worked on his own portfolio before offering services to clients. Imhoff had been handling his and his family's investments for 15 years before he registered with the Securities and Exchange Commission in 1987. It was an easy fit, Imhoff explained, because he already...