RETIRING EARLY–1984
In the Fall of 1983, I was 35 years old sitting in my office at E. F. Hutton and Co. in Little Rock, AR. I had been an analyst and stockbroker for 9 years, the DJIA had risen from 750 in 1975 to the lofty level of 1200 in 1983, and I was feeling pretty cocky. Then, one of my newest clients walked in the door and asked me some questions that changed my life, “Roy, if you know so much about investing in stocks, why are you sitting in this office, begging ME to buy stocks, so you can make commissions? Why aren’t you at home, on the lake, or at the beach investing your own money?
The point he was making grabbed me. In early January, 1984, after I had received my bonus (commissions I hadn’t been paid yet), I went to my office manager, B A, and handed in my resignation. I had to test myself. If I knew so much about investing, why didn’t I just go out and do it for myself? Being a private investor is the best business to get into. Read my blog: Own The Perfect Business.
After I was no longer a commissioned stockbroker, many of my former clients and some friends started asking me for advice about the stock market and investing. They trusted my insights because they knew I was no longer a salesman looking to sell them something. They knew I would look out for them, be a fiduciary.
Quickly they started avoiding mistakes they’d previously been making and started profitting from my approach to stock investing. Then, some of them wanted to pay me for helping. That’s when I found out I could be a Registered Investment Advisor (not a commissioned broker) and I could accept their gifts legally. Pure RIA’s like me are FIDUCIARIES. We must put the well-being of our patrons first. Taking advice from someone who gets paid for getting you to say “YES” (a broker) is like having unprotected sex with a prostitute. You never know what you’re going to get.
I’ve lived on a lake in Hot Springs, Ar and live 5 miles from the Beach in Niceville, FL. For those of you who want to know what I’m thinking about the stock market, specific stocks, or real estate, I will make suitable recommendations designed uniquely for you. For my time and insights, I charge a small fee for my time and effort. You can either use my ideas or not, that’s up to you. When you say “YES” to me, you’re saying “YES” to financial education for I look at myself as a financial educator out to protect my patrons from big mistakes.
Roy P. Drew “The Prophet of Profits”
850-830-1365 rpdrew@cox.net
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