CHAPTER ONE Redefining Success It was 1985, and I was an out-­of-­work certified public accountant (CPA) who had recently been laid off by a global accounting firm in Seattle ­after only two years on the job. With my pride bruised, and feeling like a fail- ure, I de­cided to sign up for the stockbroker trainee program with Dean Witter Reynolds & Co. Several friends ­were making a good living as brokers, and the stock market was starting to reach new highs. The stock- broker role seemed like a better fit for my relationship skills and abilities than being an accountant, and I ­really wanted a job where I could help ­ people. Over five grit-­tested years, I built a brokerage clientele through what was referred to as “smiling and dialing,” the popu­lar method for reaching pros- pects during that de­cade. My goal each day was to cold-­call a minimum of 40–60 residences or businesses in my local area with an investment idea and open new accounts that would lead to ­future investment sales and commissions. ­After the 12-­month training period ended, my pay was 100 ­ percent commissions-­based, and that was all the incentive I needed to learn quickly how to become proficient at selling stocks, bonds, and mutual funds to anyone who would listen to me. The grind of commission sales became more and more of a challenge partly ­ because of my original CPA training as a trusted resource, and also my desire to be viewed by clients as something other than just a salesman. Fortunately, as my tolerance for cold-­calling was ­running low, I was approached by my wife’s ­ uncle, who was working for a wealthy ­ family in San Diego that recently experienced a major liquidity event from an ini- tial public offering (IPO). They ­ were setting up a ­ family office in Bellevue, Washington, and needed to fill a chief financial officer (CFO) role. Their ideal candidate needed experience in the financial markets and would work
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