Story Time: My Brokerage firm told me the TRUTH about investing Client MONEY 

Gotta love the place that tell you" you aren't paid to do a good job, you are paid to do the job we tell you to do." Finance is a miserable industry. You see shady people pocketing money while grandma and grandpa need govt. assistance to live their lives. Sorry about the shit experience mate.

To be honest this showed a different side of you I have yet to see. Thanks for this video man.

Hey Rudy, Just logged in to say that this is part of why I avoided going to Wall Street (or similar culture elsewhere). I currently work at an asset management firm where the partners have in-person meetings with the clients and regular discussions on the phone. It is a small firm, with around 40 clients. AUM is less than $100 million if you exclude one trust which is over $100m. I'm in the unique position where I get to see the accounts for the owners too - many of their trades mirror the trades they make for their clients. It's also fee-based firm rather than commission. Small operation, but I think this is the way to go in the industry if you're going to work there. My job is to do what you likely wanted to do when you joined the industry: find undervalued assets and help people reach their financial goals. It exists, just not on Wall Street! I couldn't deal with the toxicity of Wall Street - especially because most professionals don't even realize how ethically flawed they are. I have a few family members who work in finance industry - one in Goldman Sachs and one who is a financial advisor who lives off commissions. He tried to sell mutual funds at a funeral (shit you not). Loved this video, keep it up.

Personally this is EXACTLY the type of video I hope for the most on your channel. I followed what you said and I can understand how you felt. That firm really screwed over that client. That would have not sat well with me either. Yes I'm not surprised about that story, but I still appreciate hearing it. I'm quite sure that many of your subscribers will consider this video boring and confusing because they don't know the financial world, but THIS is one of the reasons I like your channel. I personally hope you do more of this.

14:05 i like the body language during "independent friend" ... you the man Rudy

I actually do not play MTG at all, but these types of videos are why I keep watching. I think you provide a valuable and honest view of the financial sector, and I love it when I see these types of videos in my feed. Keep up with the financial videos Rudy!

You're quickly becoming my favorite youtuber, and I have zero mtg or business/econ/investing etc experience. You're so funny, well spoken, and most importantly personal and real. It's almost like you're hanging out with us viewers shooting the shit and talking about whatever is on your mind at the moment. You do the videos because you enjoy it and have a passion and it comes off very clear. Thank you very much for making these videos. P.S. The gigity and that's what she said jokes are the best and you're timing with them make me laugh every time

Creepy Rudy has a heart, so he now makes his money hustling cardboard.

I really dig these older video’s popping up in my suggested videos. Didn’t start watching much until a year ago now I’m on every day to see what you post.

I'm getting flashbacks from working in sales. "Sell the thing that makes us money, not the thing that the customer wants." Maybe they should make money on the thing the customer wants? Crazy idea, I know.

You could easily make an investment advice 101 youtube channel and just kill it with how honest and to the point you are. Your advice on credit cards, and how to build and extend credit for large purchases should be required reading for anyone in high school.

This was one of my favorite videos of yours, Rudy. I've recently subscribed and I have to say that I love your manner of speaking and your take on things. Keep making more videos and I hope that the store is going well!

Love your financial talks! Keep them coming. It is nice to see an insider's viewpoint.

This has been one of my favorite videos. I hope they continue. If you get flak maybe make a separate channel just for this type of video.

Oh snap I ordered a bunch of Fallen Empires packs from Rudy this past weekend!

Rudy, found your channel and love your content. This particular video was a great behind-the-scenes look at portions of the financial industry. You were a good man to attempt to get the gentleman back up near 5% yield, and it is sad to hear your bosses forced you to unroll it. Unbelievable! These type of financial shenanigans stories need to be told more often. Keep up the good work - I've been in MTG since summer 1994 and have learned from your channel.

I never owned a Magic card in my life. But I've been watching your videos since the start of the year. There's always more to your videos than just the cards.

I just went back and re-watched this video. THIS is what I love about this channel Rudy. It's so rare to get a window into the people running the financial world, and it's even more rare to get that window from somebody whom has so much in common with my own set of interests, I've had several moments like this myself. Where learning about finance and investment I was exposed to a few details "on the inside" and you see the shady intentions that really do exist. What's crazy is that red pill #1 is discovering the shady world of finance that really exists. Red pill #2 is when you attempt to tell others about it and they don't even care to understand! Some are just lazy, some are in denial, some just have no interest in anything complicated, etc. The closest analogy I can think of is that people are like cattle... raised to be slaughtered and profited from. Or perhaps slaves living in the matrix, distracted by neat things and never realizing that their production is stolen in ways that they just never even fathomed. The most simple example I often give people is the predatory lending that happens with credit cards. People paying 30% interest would be considered a crime if they didn't agree to it. It's RARE for people to ever crawl out of that debt-enslavement when all gains they make shoot right into a pit of debt at 30% and many with their feet in that swamp don't even understand that's where they are.

Just watching this in 2023 vs 5 years ago. New to the channel. Very admirable story and puts things in perspective of how you relate your precious work experience to the card trading business.

Rudy we need a financial education revolution! I very much like these videos! The stories from your career, but also just information about markets in general... also, I'm not surprised about what your firm was doing... I first realized how bad mutual funds are a few years ago (the 1-2% yearly fee compounded by often poor performance). I've been trying to tell everyone I know about this and have them move out of mutual funds but they won't listen. They seem to refuse to take personal responsibility of their finances. These people have plenty of equity, but they rather be passive. It's like they know they're getting screwed but most other people are so it's OK. This age of passive investing somehow working for a lot of people, I don't think can last forever... it just doesn't seem right. Something's gotta give.

I so need to get more familiar with all of what you were taking about. Would love to get some more of my funds working harder for me.

I really enjoy this type of video. The insights into your previous industry are definitely informative and interesting. I personally am not surprised by the story. After going over my family's finances, it's clear that investments are often not made in the client's interest.

Gotta say I really like this type of video from time to time (as much as I love watching you throw stuff around). Real-World-Finance-Serious-Rudy is a nice change of pace.

If you made a new series talking about hard finance and economics, I would LOVE it. Your channel was influential in my changing to economics

I know next to nothing about this industry but you did an awesome job of making the story accessible for me. And definitely wisened me up for the future.

Its so interesting coming back to these videos and story times. Rudy, your rate of floppy taco jokes and step moms in driers while MH2 goes to the moon have exponentially gone up since then, but your wealth of knowledge and sharing it with us has always been invaluable

THIS is why I subscribe to this channel! Thank you Rudy for sharing honest, sensible financial advice and for giving the general consumers a glimpse into how we can protect ourselves from the corporate overlords. Another great vid for my "Sensible advice from Rudy" Playlist

This was honestly more of what i was expecting, along with MTG finance stuff, when I subbed to your channel. The Rudy persona vids are fun, I enjoy them, but please do more of this as well. Very interesting topic. Also, I have no formal expertise or learning in the field, I'm just intrigued by it.

I worked for a company that sub contracts to Verizon. Same attitude was prevalent there. It didnt matter that I fixed a major billing issue, and took a disatisfied customer who had only negative experiences with the company and turned them into a happy customer. What mattered to management is I took an hour plus to do so, and did not get a sale.

Rudy. I love to see the channel start to discuss investing and see you actually talk about investing. I for one love this part of your channel, but maybe I am in the minority because my 3 big hobbies are economics finance and Magic. I am a weird guy, but this should make it obvious as to why I love your channel. Your story does not surprise me at all. That is the reason I deal with banks as little as possible. They don't make or do anything of real value All they do is find ways to fee you and that is how they make money.

Rudy, not surprised bro. Stuff happens, and those that have no idea what does go on, need people like you to tell them. Love you.

These are my favorite videos that I share with pellets who don't understand Financial Trading and brokerages. Keep it up

You are a good human being, and that's way better than being a company stooge. I work in customer service (complaints team) and I'm the first one to admit when our company fucks up, and try to get it fixed.

yep thats why i always advise people not to go with mutual funds, people can just learn to trade their own stocks; thanks for the video i don't play magic at all just like seeing ur pack videos and listing to your financial advice lol

As a final year A&F student going through these financial story time videos with you, it makes me think so much about my future in the finance industry. MORE TACOS!!

I love that you didn't want to screw people over. Bravo. If I ever start buying new Magic boxes again, I feel ok getting them through you with the Patreon thing. I gotta tell you though, I've been playing less and less paper and mtgo Magic. That's me and my circumstances though. I don't think Magic has gotten worse. I just don't want to spend money on it anymore.

I had a similar job in Europe 15 years ago, had to quit after 6 months for very similar reasons. Good on you, hope you're successful with what you do know.

the most genuine wholesome HANDSOME dude i have ever seen

I love this story. Exact same experience when I was in finance. But then the worst is coming out and seeing friends and family go to banks and brokerage firms who just hose them down with terrible investments so they can collect their fees. It's soul crushing if you're in the industry and actually care about people. Rather than get 6% like the could the firm wants them to get 2% and the rest goes into M&E and trails.

Hey Rudy, you know I've been one of the first few hundred if not hundred subs to your channel and I have to say I am blown away how much your channel has grown and I still cannot figure out unless you've cloned yourself how you have the time in such a busy life you have to make quality videos for us keep up the great work brother and 100k is just a stones throw away!

I started watching videos on your channel knowing nothing about either finance or MTG, I started watching just for a throwaway video or two while I ate (things like the pack openings) eventually got to this video and it was incredibly eye opening and interesting, great anecdote and lesson really, in many senses of the word. Id love to see more of things like this.

After growing up and being an adult for the last 10ish years and reading about the crap that went on during the recession, that still goes on to this day, I'm not surprised at all that you got reprimanded for not towing the company line to the dumpster.

Hey Rudy just ran into your channel and I had a similar experience, moved to a different city after college to join a major brokerage firm with the hopes of being a financial adviser. Ended up peddling Blackrock mutual funds for $45k a year and lost faith in the industry. Looks like we're both in better situations now, cheers!

I’m sure this has been said, but I would love to hear your view of the ‘08-‘09 crash. You make things easier to understand for us laypeople. Thank you so much.

Rudy, Thank you! I'm very glad you shared this story. Doing what is right for the customer, is not always best for business. I wish I could stop into your shop and just BS with you. Keep doing you and i'm sure financial success will find you.

Been following you the last few months. AMAZING CHANNEL. Just getting back into MTG. Now that Iam older and never owned a video game console after the PS2, I have an old nostalgia itch from my past. However brief it was. Antiquities, Unlimited, revised (only when Unlimited cards in NM aren't available) Alliances, and all 3 URZA's blocks are what I've been fondest of. Old cards. I wasn't around at the beginning. I quit MTG in 2000 after only playing in 6th grade bc i was too young to appreciate or really just understand the game. Only had like 2 friends that played it. Just getting back into it at age 29 as of 12/17/18. 4 days till I turn 30 XD. I've bought strictly reserve list singles from Card Kingdom, only in NM condition, and then booster packs of Alliance's and URZA's from only established sellers on ebay. Ive been on ebay for over a decade, so quite attune on how to choose the right sellers. So far, every pack passes the eye test after a good WIGGLE AND TIGGLE. YES , I SAID WIGGLE AND TIGGLE.... Thanks for the term Rudy ; ) If they were repacked all this time when I go to sell them in 20+ years, so be it. I got them lying flat in Ziplock bags and stored in a cool dark place. People want the sealed product. You'll have it all - and ill have a LONG LIVE THE RESERVE LIST!! and S.W.A.G: Silver , Wine, Art, Gold... Not a wine drinker but its about tangible wealthy... blockchain is the future. IT IS why 5G is being ushered in. Giggity!

One of the most interesting videos of yours yet, hopefully you can make a series of videos like this so that those of us interested in the financial industry can learn more about it.

Very interesting and informative video. Big respect not wanting to be a part of a crappy system where they don’t really help the clients to the full ability.

I haven't and don't work with the funds or financial company like you. Mainly media and news industry. I loved the video and your insight into the financial world. I love your insight and I find it interesting and fun to listen to.

Hey Rudy! These in-depth, financial industry videos are excellent. Please keep them coming!

Thought this was the video about how your boss was buying municipal bonds; cool to watch, I hope you do continue to do more financial stuff when you can.

How can I put this sad story about money, finances and power into a tcg...? You have heart Rudy! Thank you!

The only reason I knew what he was talking about was because of the movie The Big Short. I'd recommend watching the movie then coming back and watching this video. Quite interesting, thanks for sharing!

100% Respect for the story Rudy. I think I would have done the same thing if I were in your shoes and I would have probably made a similar decision after the conference. I'm happy that you are the person that I watch today.

Thanks for posting that ramble and drop of perspective. You're a super genuine dude and the information you offer the viewers is second to none; it's going to lead to a lot of greatness, man, and you deserve every last bit of it. Cheers

Reminds me of that one Simpsons bit where Marge is a retailer and Hutz goes: "There's the truth... and the 'truth'!"

I'm glad to hear that your client moved on to something possibly more appropriate, and that your attempt to give him the product that fit, may have showed him what was available. When a scavenger loses its food, it's a better outcome for everyone else. So many scavengers out there. Heck, I can't go to BWW on Veteran's Day and eat my complimentary celery stalk alone without some gang of POA asset-strippers descending on me like a piece of stumbling roadkill. The best I can do is use up their time as much as possible, to keep them from circling some more vulnerable vet.

This could be a very important video for people who have money to invest. I was offered a fancy but vague proprietary fund, did a little research and realized it was a shady move from my financial advisor, left that brokerage and set up a vanguard account. Those proprietary funds can have massive expense ratios, the one I was offered I want to say was somewhere around 3%!

I've managed my money myself with stocks and have made 65% from principle investing in companies I know over the past 12 years. I have never trusted mutual funds and others to do it for me partly because of fees, and now your video cements that feeling.

Rudy as someone thats been in the military and the corporate world. This speaks volumes to me as I now see I'm not alone. I hate it when you are called a genius but you can't do it the best way because of bullshit. I personally love these videos. Videos like these make my floppy taco hard and crispy.

Missed those types of videos. Hope to get more like this in the future.

Great video. What you get for trying to take care of customer... Problem is they did not value that customer. It why I do business with minimum of two keeps them honest when they only have half your money. It why I think as individuals you should be able to buy what you want. But they tack on trade fees which is also ridiculous.

As someone that is about to go to school for financial advising, this video was really interesting and helped me gain some hindsight into the business, thank you Rudy.

Ya know whatd be cool? If Rudy started a different series on the side about financial terminology and personal finances using mtg analogies or something. Maybe itd be fun! Just a thought and I want to thank you rudy for blessing us with your floppy tacos 🙏

why dont you use this knowledge to create a firm that manages investments in the way you thought it should be? if this is true for most firms practices, that unique, "honest investing" could be a taco worth eating, IMO

Very nice video. As someone in a different field without much in common I really liked it. Keep these coming

Without question my favorite video from your channel.

Love the video. I'd love to see some real world investor stuff. For example, MTG is king, hands down but these young kids and older folks need to understand that they need to plan for their future. Collectively find an index fund, with very low fees, and teach us to jump in to it. We spend lots of money on mtg, and we can't place all our eggs in one basket. Having a Jim Cramer financial guru from time to time would help us plan for our future. Love the video.

I have friends who work at Goldman Sachs, my cousin works in NY as a stockbroker, my uncle is 43, unmarried, and a stockbroker in NY...It's a bloodsucking job, i'll tell you that. You make a ton of money, but most people are so stressed out they don't get to enjoy life. Some of my friends took jobs in Wall St, made a bunch of money, then quit and never return after only a few years of working. One of my friends has been on a 3-year hiatus, just vacationing all over the world, enjoying life.

If you were a CFA you'd have been obligated to put your client first. I hope none of those bosses were chartered. Naughty naughty.

The one reason I hate having a degree in Finance. Most the jobs are dressed up as Finance Advising/Consulting, but are almost always actually sales jobs. After all, you can't make much money as a firm just selling advice. They make most their money on financial products. Ultimately you only need a very basic understanding of finance but much more experience in sales to to do well with selling a firm's financial products. I just hate the idea of trying to convince people of what they "need" or "want", especially when I know that may not be the best choice for them.

Man this is by far one of your best videos ever. Would love to see more stuff like this. Don't dumb it down, either.

that pan-out in the intro was straight fire Rudy. keep innovating the game.

Rudy, not super surprised that happened and thanks for sharing. Good insight into the story teller.

Respect for helping people and standing by your morals... A lot of people would have put their head down and accepted their job was to hose people. Love your vids and I am happy you are a good human :)

That was an amazing video Rudy! Really puts into perspective the corruption that goes on in these firms and shows they don't work for the client like people think they do

8:20 the 30 year bond 100,000 6% dividend yield. 6k every year, 1,500 every quarterly payment. A,AA,BBB bonds not in negative credit watch, credit downgrades. VANGUARD NO LOAD FUNDs dont have mutual funds with transaction fee. big companies only want you to own THEIR recommended mutual funds that have transaction fees and annual expense.

Rudy these are the videos people remember.

Shows you're a good hearted person Rudy. You made the right decision. In a nutshell, they were trying to get you to force down that second day forgotten floppy taco that gets flapped left and right all night. while you were striving to get that fresh taco for the client.

Thanks for your story! The finance sector really needs strong fiduciary regulation, as it sounds from your story...

Long time watcher first time sub to this channel. I'm a student in finance and really appreciate this style of video

1A Story, Need more of these story times these are the reason i subbed and i stayed because of crazy rudi :=

I'm not surprised at all...its a racket. I really enjoy these type of videos, keep them coming Rudy!

I'm not surprised. I and It's interesting to hear topics like this. Keep it up sir!!!!!

I’m not surprised. When I was 17 I wanted some Fidelity funds but the broker kept on telling my dad to buy some Templeton funds. Which was odd... The Templeton funds did not grow as well.

I did enjoy the video. I kinda figured something like this happened, or you were asked or expected to do some shady shit in the financial world and wanted out. This isn't too far off base from what I speculated. The technical jargin isn't too bad. I for the most part was able to follow along with what you were talking about.

After that day, Rudy's morality, like a castle made of cards, became a Fallen Empire

Jesus Christ, that's horrifying. I would hope to be able to trust a financial advisor with my money. It's like, one of those things where I have no idea what I'd be doing, or even where to start looking, so I would have to trust what the advisor would recommend, but the idea that they'd intentionally slant it to screw me over for themselves is really, really disturbing.

The paperwork on trade corrections and busting trades is such a pain especially with compliance breathing all over you that I kept everything simple with mutual funds to not deal with that nonsense

Great video. This kind of content is my favorite you put out. You're looking well, Rudy.

Yep, not surprised, insurance work, health and life, some ira, ect ... and boy the monthly statements of the mutual fund trades coming in and the digits of take past the decimal points on literally pages of the way up there "managed trades" were eye openers. Also, perusing the percentages of what the funds and where the funds were invested was something else as well. Pages of computer print outs no regular joe or jane would have clue one what they meant.

Well done! Glad you stood by your principles. I just stumbled upon your channel by chance, but I'm glad I found it. Real Estate is my asset class of choice, but it's great to see what you do with an alternative asset class!

What ticks me off is that there isn't a fiduciary requirement for people to claim the title "financial adviser". We had a financial adviser at a previous work place of mine who was trying to push american funds. I tried to talk so many people out from investing with them, because like your previous firm did, they had front loaded funds (I think it was 1.5%) and they charged an annual fee of like 1.5% to manage the money. Plus the dude was pushing people into buying whole life policies, which are basically a total rip off for 95% of people (exceptions exist for rich people for tax reasons). It was outrageous! Unfortunately people didn't listen to me and they moved their money from the federal TSP(best index fund based 401k in the USA) to american funds and have and still are being taken to pound town. The whole financial adviser industry needs to be torn down and a fiduciary mandate needs to be put in place to ensure that people get guidance that's actually in their best interest. Your story explains exactly why the industry needs reform and I'm glad you could put in a way that more people can understand.

I loved this because this reaffirms my own life choices to move away from finance/econ and get into an industry that I have loved from childhood. I would love more of this content ROODEEEEEE

Rudy, I've worked in 3 different big box retail stores and in my world this is an everyday occurrence. When you work in places like that you need to find where the company hides it's skeletons and hold that shit above there heads. That's how you become an untouchable and stay out of those conference rooms.

Great video, more of these on your channel are welcomed!

Wow! Are those Magic the Gathering packs?! Damn, I love that game!

I've worked tangentially to the financial industry and know my finance well enough. I handle my own stuff (hello Vanguard!) because the current ethics rules for firms are not fiduciary responsibility like they should be.

I loved the story, It all makes sense to me. Too many people get caught up in that game, and sometimes it's just all about what makes you happy.

As someone whose financial knowledge comes from the movie the big short, I actually enjoyed this.