Leaks



The litany of departing White House officials and their tell - all books made me ask why do people leak secrets?  This week we will examine that question and see that it is not just politicians who leak.   The term is different in the private and business domain but it still packs an emotional punch.


Friends and Family

I vividly remember the first lie I told my parents.  I was terrified that they would find out, but as time passed my anxiety declined.  Eventually my parents caught me and lectured me on telling the truth and I would nod and say I’m sorry. Lesson learned – lie/leak and just apologize.  Life goes on.


Secrets

Secrets are a euphemism for little white lies.  We kid ourselves that broken secrets are not as bad as lies.  I would ask the people that trusted us with their secrets if they agree.  Listen to how people rationalize telling secrets.  They usually start their statement with don’t tell anyone but XYZ person told me they did X.  Gossip/white lies feel good for the gossiper but they hurt the subject of the gossip.  We need to be aware of this impact and realize that an apology is not enough.



Financial Advisors

The financial press has reported numerous stories about data breaches at retail and financial firms.  The stories make good copy and they concern us all.  Is the problem technology and Russian trolls or is it our fixation with creating systems that allow us to make more money?  Our experience shows that the problems are a combination of making money and our struggles with the truth.  The SEC identified insider - trading claims before there were Internet trolls and social media.   
I meet with many financial advisors who want to tell me about their largest clients.  It ’s a badge of honor for the advisor but I’m certain their clients would feel differently.  My advice is to treat client names and data like the CIA treats its cases using the CIA Triad.

At the end of the day the only person we can trust is our self.  We should get that right first and apply it to other areas of our life and business to plug the leaks.  Sorry only goes so far.

Comments

Post a Comment

Popular posts from this blog

Inorganic

Image
Our industry has always looked down on Wall Street’s recruiting checks.  Last week there were numerous announcements that independent firms were offering advisors money to purchase their practice.  The term for these transactions is inorganic growth.  This week we will look at why these transactions are the new rage and examine if they are better than the old Wall Street checks. Wempy Popeye and financial advisors fall for the “I’ll gladly pay pay you tomorrow for a Hamburger today” pitch.  Unfortunately Popeye and and most financial advisors provide their hamburger but seldomly get paid what the firms and Wimpy promise .  Why?  The advisors need the cash and Popeye is gullible.  On Wall Street the deals adjusted when the advisors changed firms looking for a new deal every five to eight years.  The recent Luminous departure shows that the advisory contracts need to be adjusted.  The new contracts are written by experienced firms and lawyers to prevent serial departures. 
Read more

Stop Judging

Image
I have known that I have MS for over four years.  My doctors believe I have had MS for over twenty years.  Initially, When I received this diagnosis  I was very opinionated when I saw disable people. I assumed the worst. As a currently disabled person I can educate and warn you regarding things you shouldn’t say to me or disabled people..  This blog will educate on my disability. The places it manifests itself and how you can react and support me and other disabled people. The three items are: 1.) Needing a walker 2.) Government disability  3.) Falling MS causes me to loose my balance and fall.  The walker prevents this reality  I look at walkers as being as sign of old age,  I was incorrect and a good walker is an aid!  With a walker I fall less often.  I might look old, but I am OLD! Our government provides support to the millions of MS patients in the US.  Support is through Social Security and must be approved.  I am approved. The service can be cancelled if i get a full time job.
Read more

Summer Changes

Image
  Our summer is almost over,  What did we learn during all of our downtime?   I will summarize all of my observations and share my plans on what I will implement when I return to my office.  I discovered/ learned 6 items on my beech lounging, morning walks and social media tolling that I’ll share.  Hope they help.  My first and easiest change was my eye glasses.  Many of my friend asked it was trying to look like Elton.  I wasn’t…. The next three changes were business related. The changes will be voted on by my colleagues.  Steve Jobs of solving client problems the client didn’t know they had will be our guiding light.  I tried to change a few items. The obvious item what I changed was my eye  glasses.  The other areas were business related and I wanted wanted to be in control of my changes. The first change s our business’s model.  It has taken years to realize that I can’t beat thr market index.  Growing up on Wall Street this change was difficult.   Alpha is difficult to achieve an
Read more