| Topic Name: |
How is Fisher Investments? |
| Message Name: |
Ken Fisher responds |
| Date Posted: |
04/24/2002 |
| Message: |
Gee! Thanks for so much interest in Fisher Investments, even if much if it is unfavorable commentary. Let me clear up several points. First, neither I nor any part of my firm has any interest in suing any of you for anything.
Second, I have and my firm has a very clear and clean regulatory history since inception. The firm is registered with all required regulatory authorities, here and abroad.
Third, the firm has 402 employees, manages $12-plus billion, has grown and continues to grow rapidly which some see as a bad thing but they are wrong because they don??t understand it correctly. The firm hires primarily fresh college grads and does formerly discriminate against graduate finance degrees and CFAs. We hire primarily fresh out of college and heavily train internally. We have one of the industry??s lowest client termination rates at 3-4% regardless of year and regardless of dollars or numbers of accounts. We hire very aggressively. On 3/31/2001 we had 227 employees. In the 12 months through 3/31/2002 we hired 252 employees and lost through voluntary or involuntary separations 97 employees ending 3/31/2002 with 382 employees. Of the separations 32 or 33% had been with the firm less than three months, another 17 or 18% were with the firm 3-to-6 months at time of separation, another 21 or 22% had been with the firm 6-to-12 months at separation, and 27 or 28% which had been with the firm more than 1 year. There were only six or 6% of separations which had been with the firm more than two years. That constitutes a mere 2.6% of our 3/31/01 employee force, which is not a high termination rate for two year tenure, particularly not in the last 12 months.
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