Our industry has been rife with people playing by the rules but shafting people, for example phoenixing your advice firm. Advisers should right their moral compass and stay clear of the bad eggs.
We’ve all been there. Had to deal with the person who stays within the rules, who follows the guidelines but doesn’t exactly do what is ‘right’.
I’ve crossed paths with quite a few of these people along the way (and more recently more than I’d like) and it really bothers me. In fact, it drives me nuts, I am incensed.
It’s not a grey area. You are either doing the right thing or not. You are taking advantage of a person or situation for your gain, or not.
Our industry has been rife with people playing by the rules but shafting people. How is winding up your limited company in order to escape your liabilities and then starting another business doing the right thing? How do you sell your business, but then take (steal) all your clients back?
Have people lost their moral compass? Have they bought into the ‘dog eat dog world’ mantra and think that their actions are a sign of a great business person? Could it just be that in reality they are just a selfish person putting their own needs first, second and third?
At Equilibrium, we are always checking as to whether our decisions are ‘within guidelines’ or whether it’s the right thing to do. Don’t get me wrong that doesn’t mean we are pushovers, we are not a charity. We are a business and in that regard are commercial, but not at any expense.
We communicate with our clients regularly, about everything. We don’t hide things and we have a money back guarantee on our services. The fees that we charge are commensurate with the services we provide and the value we create. We want to be paid for managing money, not moving it around. Our annual fee covers all aspects of our service as opposed to charging for every transaction so we have no bias. We very passionately do the right thing (even if we’ve made a mistake).
For those that are motivated by greed and gain I take solace in the fact that I believe what goes around comes around, that your reputation catches up with you, and the universe will right itself.
So, right your ‘moral’ compass and steer clear of ‘bad eggs’.