posted by iclfan2
I definitely get how you can make that much, I use an advisor myself, where there are people with way more money than me. Just figured a rando in NE Ohio would be hard pressed to make that much. But like I said, f’n kudos for doing it.
A lot of small business owners in the Cleveland area worth millions. And a financial adviser can have clients anywhere in the US, although the rich old farts still want to look you in the eye. There are some adviser types who operate kind of like a fund manager and might get carry, which might be a better explanation - if you're making them as much as the hedge fund guy charging 2 & 20, then you can get a lot more than just 1%.
Hahaha, reminds me of some the questions people asked while doing their "due diligence". They really didn't have a clue how to judge/evaluate expertise and competence, so they fall into tropes like "honesty" and "trustworthiness" and other bullshit that has little to do with talent. Not to mention, if a guy is a con, sitting down to "look him in the eye" is playing right into his hands.
Just look at Madoff. He was even helped by unwitting professional advisors funneling money and clients to him. But those professionals' only real talent was raising money, because anyone who actually understood hedge fund strategies saw hordes of red flags with him.