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Why Desperate Advisors Do Dumb Things

Do the right thing for the right reason and you will always be rewarded.

By
February 17, 2017

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Why Desperate Advisors Do Dumb Things

There is no substitute for honesty and integrity. Early in my career as a financial planner, a colleague of mine closed a big financial product sale that would earn him a lot of money. Let’s call him Mr. X. As all the paperwork was being processed, a signed document was missing. The missing document included some “fine print” that could lead to a less-than-positive full disclosure discussion. Rather than trouble the client and risk the sale, Mr. X decided to put another signed document against the window, overlaid the unsigned document, and forged the client’s signature. To make a long story short, the forged document was detected and Mr. X was summarily terminated.

Sadly, the trend for advisor misconduct or fraud is now approximately 7% of all advisors. The victims range from the most vulnerable to the most sophisticated consumers.1

Desperation is born out of greed and convenience. Do the right thing for the right reason and you will always be rewarded.

1) The Market for Financial Adviser Misconduct, February 2016

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