Wall Street is notorious for rewarding greed at your expense.
That may sound a bit harsh but let me give you an example.
A “rising star” financial advisor gets a lot of attention from upper management.
They see huge increasing commissions as a sign of leadership. Then they’ll single out the “star” as a candidate for management.
Unfortunately, the management often turns a blind eye to the kinds of commissions generated. (They only see the bottom line…the numbers)
By that I mean the “rising stars” success is often based on activities that many of you would consider unethical, immoral, and sometimes illegal.
Ironically, that’s one of the bizarre reasons Wall Street gets away with outright criminal activity.
Perversely, by putting a great producer (with questionable morals) into management they accomplish several things:
1) If the new manager is successful, they will produce more revenues by teaching others the same tactics
2) By taking the “great producer” out of sales they lower their chances of being sued.
3) The regional manager (who’s responsible for the new manager) looks great in the eyes of the CEO and everyone pats themselves on the back for a job well done.
4) The managers all get a bigger year-end bonus.
I know. It sounds crazy but that’s just the way it is.
This is just a tid-bit of how greed is rewarded on Wall Street.
So, if you want to learn how to NOT get hustled by the pros, read our column How to Find a Financial Advisor That’s Right for You.
You can see it (HERE) now.