Massachusetts set off alarms across the brokerage industry earlier this month when it charged Scottrade with violating the DOL fiduciary rule. At the heart of the complaint: allegations concerning the firm’s use of sales contests.
Age discrimination can be hard to prove on the job, but during the hiring process, it’s even more difficult. Employers can so easily say they decided to go another way, or simply not reach out after receiving an application or resume, and there’s little evidence to show that it was because of a person’s age or high school graduation year.
Even highly competent advisors make mistakes. And these mistakes raise the interesting question of both when and how to apologize. Some argue that it’s never a good idea for an advisor to apologize, particularly when the mistake in question touches on areas of competence or diligence.
Virtue is a fitting concept to think about as we observe Ethics Awareness Month in March. Our industry spends much time promoting the concept of values but much less time on the concept of virtue. This is unfortunate because we need a clear understanding of the importance of virtue so that we can better live our values.
Advisors’ life work centers on helping others prepare for the future, so it’s surprising how often they fail to make a detailed succession plan of their own. It is, of course, difficult to picture client relationships, nurtured and grown for decades, being placed in the hands of someone else.
If your boss wants you to do something that doesn’t seem quite right, should you do it? And what happens if you don’t? There’s no correct answer, but here’s a hint. When the judge’s gavel bangs, and employees go to jail or get fired, it’s not usually the CEO who takes the fall.
Earlier this month, the Department of Justice charged six executives involved in Volkswagen’s emissions scandal, a move widely acknowledged as both rare and surprising. Even more surprising: the fact that VW pleaded guilty and will pay $4.3 billion in civil and criminal fines.
Over 400 professionals representing the Insurance and Financial Services industry will meet in Chicago, Illinois at the Westin Lombard Yorktown Center, October 19 - 21 for the 29th annual WIFS National Conference. Julie Ragatz will be a featured speaker.