Gas or Grass -- No One Rides For Free

The above title was my favorite bumper sticker of the early 70s. When I finally got a car in '77, I wanted to put it on my bumper, but I couldn't find it.

I was reminded of it today during a business breakfast I had. A banker I know, from back in the day, has started working for a leading local accounting firm. The firm has decided, apparently, that they wished to create a "wealth division," where they act as stockbrokers for their clients and others. Of course, they don't like to be called stockbrokers anymore -- now they're financial advisers, who, for a fee, manage your investments.

My first experience with a paid manager went horribly. In 2000 I gave a sum of money to a manager at Northern Trust to manage. The annual fee was close to the salary I had earned during my first year as a lawyer, but I was to make so much in gains, I wouldn't complain. Ha. As if.

It was 2000, and the manager invested all of the money in high tech. Of course, there came the bubble bursting, and when I looked at my balance 9 months later, it was half of what it started out to be. I started telling the joke that I knew how to make a small fortune: give the geniuses at Northern Trust a LARGE one, and wait awhile...

I took my money out, and pledged I would NEVER trust anyone again. Well, I did, eventually -- my neighbor Pat won my trust, and did very well, and I have used him for a portion of my investments ever since. He got me into Apple before it took off -- the gains on that holding alone have more than paid Pat's fees.

But the meeting today involved a fellow who wished me to become a client of his firm. No dice, I politely said -- I have the time and inclination to manage our own finances -- I'm not hiring anyone.

Well then, he said -- he knew I knew a LOT of people in town. Might I make introductions to him of these law firm managers, doctors, etc?

I might indeed, I told him -- but how would I be compensated? What?  I wouldn't just do it -- to be a nice guy?  No -- gas or grass, my friend, I told him in a nice way.

I'm privileged to be able to do charity. Our family donates to UM and FIU, and other local organizations. I give LOTS of free legal advice, and medical consulting advice -- but only to my inner circle.

This large financial company doesn't qualify as a charity, in my book. 

So I happily enjoyed the breakfast, and nice conversation.  If I was still on the make as a lawyer, it would be a different story -- I would use today's contact to meet other lawyers who might wish to refer cases. But that's not how things are lately.

So I wish the fellow well in his new gig, but he doesn't get a copy of my virtual rolodex. Those days are long, long gone...