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Old 12-04-2004, 08:37 PM
TrumpchumP TrumpchumP is offline
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Join Date: Jun 2004
Posts: 6
Default Re: Do Pro Poker Players Make Good Clients For A Financial Advisor?

Vee- you are a client of mine. Not personally, but I call on Financial Planners in NY and PA. A couple of thoughts for this post.

Zaxx- I like your comments in most threads, and respect them even more given that you are 22. Your age and lack of perspective handicaps you in this particular topic. Interest rates are effectively at a 50 year low, making it incredibly easy to purchase real estate. At the same time real estate is at an all time high - most professional real estate analysts would call it a bubble. Yet now is when you are eager to buy real estate and avoid stocks. This is the exact same thing as every conservative investor finally jumping into stocks (particularly growth/tech stocks) in 1999-2000. The worst feature we have as investors is that we can extrapolate what has happened over the last 3-5 years and convince ourselves that it will continue for the next 5-10 years. It won't. I can't tell what will be working, neither can any credible Financial Advisor. Thier role is not to max out how much you can make in any one mutual fund, rather it's ideally to prevent you from making mistakes that cripple your bankroll (principle).

Beyond that, poker pros in general will not make for great clients. You would have to be THE financial planner to the pros. Poker as a profession drives an income that is directly related to the time you spend playing. (a select few can make an exponential return because of tournaments - but it is not common)Few pros make beyond some factor 2-4x their big blind rate.

It just doesn't relate to a large number or prospective clients with account minimums of $100k.

There is nothing better than working in an industry or with a clientele that you have a true passion for. I would think that executives from Publicly held casinos would be a better niche.
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