To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall....I’d never taken an accounting course, never run a business, never even had savings of my own to manage.
This phenomenon always made me scratch my head too. I knew plenty of people who got jobs as "financial analysts" or "financial planners" at young ages. The year before they were bartenders and then all of a sudden, without any training, *poof* they were experts in stocks, bonds, the market? Always struck me strange.
Many times the truth of the matter was that while they had the fancy title, most of their job was really apprenticing - cold calling and doing other grunt work that was the first step in their on the job training. But, with that, that didn't mean that if their firm had an opportunity to make some money off of these junior folks giving advice, making recommendations, etc. that they wouldn't.
I get cold called from time to time by brokers (not as much anymore). Whenever I do, the broker inevitably tells me that what they are particularly good at is finding gaps in the market, or undervalued stocks, etc., etc. and that we can make a lot of money together. My response to them is that if they're so good at finding these gaps, why the hell are they cold calling me? Shouldn't they be executing trades while sunning on their yacht?
Most of the time they hang up on me when I ask that.