Credit: A financial advisor as the hero of a television series?
TV, especially cable, already has gone beyond the usual bevy of cops, secret agents and military folks to focus on hedonistic advertising reps ( Mad Men ), conniving corporate consultants ( House of Lies ) and conflicted sex researchers ( Masters of Sex ). Why not base a program on a profession, like financial planning, where the protagonist is a strong, centered type who actually helps people? Difficult people.
The recently concluded first season of HBO's Ballers gives a picture of the advisor's world - a flamboyant, over-the-top version, certainly, but one that illustrates the vital human element that a physical advisor brings to those in need of first-hand guidance. Something, by the way, that robo-advisors cannot deliver.
Ballers is set in the milieu of pro football, so advisor Spencer Strassmore's task is to prevent his clients, all young players making enormous amounts of money, from blowing their fortunes and to prepare for when their playing days are over.
Dwayne (The Rock) Johnson gives an appealing portrayal of Spencer, a former pro player himself and a steady presence, whose immature clients listen to him - sometimes. Much of the show's dramatic tension stems from Spencer's efforts to get his hard-partying, egocentric, financially naïve athletes out of jams.
Regardless of the clientele, whether bulked-up National Football League stars or cubicle-bound office workers, a big part of an advisor's job is to steer clients away from short-term thinking and self-indulgence.
When the stock market tumbled in August, lots of advisors ended up trying to convince people not to sell in a panic. Calming them is a vital service. While the market goes up and down, it mostly goes up - and bailing out means you aren't around for the inevitable recovery.
The MutualFundWire website points out that Spencer's hands-on approach is vastly superior to that of robo-advisors , who deal with clients via email or maybe an 800 line, and mostly don't get to know them. These online outfits generally tout their bargain prices, which they can charge because they don't have to pay living, breathing advisors (to be fair, some are hiring a smattering of planners).
Ballers , despite the outrageous parties, beautiful women and costly cars and homes, shows real problems that beset advisor-client relations from all walks of life, luxurious or otherwise.
For instance, in Episode 4 , Spencer has to boot a client who won't listen to him. The client wants to hold out for an absurdly lucrative contract that he likely won't get - because his boyhood friend eggs him on. How different is that from a client in a more ordinary line of work who ignores his advisor and wants to gamble on risky investments that a friend recommends?
Spencer's role, like that of any good advisor, is to save pigheaded clients from themselves. Showing how he does that is rewarding.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
