“It felt like he was doing me a favour.”

Today's NYT  is running a story about Bernie Madoff's wife Ruth. Did she or didn’t she know?

It quotes a high school friend of the couple who, in 2003, reconnected with them to ask to get into the  fund. Madoff told him the fund had been closed for four years. They chit chatted and then Madoff told him "we go back a long way, I'll get you into the fund." Told him the minimum was $2 million - more than the friend had so his mother, brother, sister and sister-in-law and brother-in-law all pitched in.

What I find most interesting is what this guy says today: "At no time did it feel like he was pulling me in. It felt like he was doing me a favour."

Now that's true salesmanship. Make the buyer thinks it's a favour.

Quebeckers and financial advisers

Quebeckers are generally more likely to rely on their financial advisor to make some or all investment decisions. [Agreement with statement]

I collect my own information and make my own decisions.

• Quebec 3%
• Ontario 11%

I rely quite a bit on the information and advice from a financial advisor but make my own decisions.

• Quebec 27%
• Ontario 37%

I rely quite a bit on the assistance of a financial advisor to recommend opportunities and sometimes make decisions on my behalf.

• Quebec 23%
• Ontario 19%

I prefer to rely entirely on my financial advisor to make all the decisions on my behalf.

• Quebec 10%
• Ontario 5%

 Source: 2002 Investor Study