In the mid to late 90's, I worked for one of the largest brokerage firms on Wall Sreet. My very first impression was, "Wow! So this is the big league." The branch manager gave me a tour of the office, introduced me to all the brokers and said, "Mike, if you ever need anything, any one of them would be glad to help." About a week later, I approached one of the brokers for assistance. He said, "Nothing personal, but it's not my job to make you into a superstar." I quickly realized that it was every man for himself and that the competition was not only external, but internal as well. I also learned that there existed a dominant sales culture.
Years later, after leaving the aforementioned firm, I saw an advertisement from this firm on CNBC-TV. It read, "The client always comes first." Now that sounds good, right? Well, not exactly. Please allow me to explain.
Publically traded firms have an obligation to its shareholders to produce a profit. The shareholders control the board of directors who, in turn, hold sway over the CEO. The CEO directs the actions of management, and management exerts pressure over their client-facing advisors. The advisors are the ones charged with bringing in the revenue, and since the client is the one with the money, then certainly, "The client always comes first!"
As a Registered Investment Advisor, we are required, by law, to "Place the interests of the client first, at all times." By adding one simple word, the word "interests," the meaning of the phrase is completely changed.
There a number of significant conflicts of interest in publicly traded firms. So I set out to build a company which will always place the interests of the client first.
To read our mission statement, click here.
Integrity Wealth Management, Inc. and all Investment Adviser Representatives are registered in the state of Louisiana.