Pros and Cons of Securities License. Variable Life, Securities - What are your thoughts?

[DWPCL]

If you're interested and would like some interesting education, go google "Chuck Albers" -- he ran the Park Avenue Fund (a Guardian Life Insurance Company fund) from 1972 to 1998. Chuck was a CFA, had a degree in Economics (I forgot from where), and an MBA (Columbia).

Chuck had an incredible track record and run for Guardian with the Park Avenue Fund. He had some proprietary methodology, software, something, LOL, which helped him identify and select stocks. Whatever it was, or even if it didn't exist at all, LOL, whatever he was doing worked!!! Depending on who you talk to, somewhere around 1997 or 1998, Chuck approached Guardian and said that he wanted to work X number of more years (about 5 or so), and he wanted some sort of equity participation in the fund. Obviously it couldn't be in the company as Guardian was a mutual company. Guardian's story was that he wanted a crazy percentage, they offered him a very generous deal, etc., and he left.

Personally, I believe Chuck's story, and I'll explain why later. Regardless, while he had been heavily recruited in the past, he was approached by Oppenheimer (Oppenheimer Funds, who was owned by Mass Mutual at the time), who allegedly offered him equity participation, and he took the job where he was managing the Oppenheimer Main Street Fund (he took on co-managing another fund, advising on stock selection, etc.). Long after Chuck retired (in 2003) Oppenheimer JV'ed with The Carlyle Group, and in 2019 the company was sold to Invesco.

Chuck retired in 2003. He and his wife Judy relocated from NJ to Sarasota, FL. His wife passed away several years ago. He was very active in the community, and still in retirement he kept up his interests in economics. As of about five years ago or so, I believe he was still the Program Director for the Sarasota Economics Club! LOL. No way could the club ever find anyone better than him! Oh, yeah, that's right...the reason why I believe Chuck's side of the story...is because I know him...truly one of the good guys!

I absolutely love stories like this. Thanks for posting.