When you’re addicted to something, you become dependent on it. For instance, many musicians are unable to perform unless they get intoxicated which makes them feel nirvana. Likewise, many corporate folks need several coffee-shots to keep going throughout the day. Brewing Coffee is good if it’s done in moderation. As long as a person realises that he/she is addicted and has to quit; it’s still understandable if he/she finds it tough to walk the talk.

When money starts giving you ‘that high’…
There are people who are addicted to making money, and in some cases, to making money by any means possible, even unethical means. So, all those people who take undue advantage of their positions in the Government offices are addicted to earning an ‘extra-income’. If work needs to get done, you have to grease their palms. They feel it’s perfectly acceptable to ask for ‘benefits’ or ‘kickbacks’. And the common man has no reason not to label these officials crooks.

This is not to say that corruption prevails only in Government departments. It’s everywhere, but in Government departments it is openly prevalent. There’s another prominent category of crooks—financial advisors. This includes financial planners, mutual fund advisors / distributors, insurance agents, and stock brokers among others. Wouldn’t it be great if their New Year resolution is being ethical in the dealings with their clients?

A disclaimer

You may find it a little awkward to read the disclaimer here but it is really essential. PersonalFN always writes for the betterment of the readers and investors community. It writes fearlessly against unscrupulous advisors. However, many subscribers (who themselves are financial advisors) are offended by what we write. PersonalFN wants to clarify one thing here—we are not against the financial advisor community per se. We are aware that not all insurance agents are unethical, nor are all mutual fund distributors driven by commissions . If you are an ethical advisor, PersonalFN has nothing against you. In fact, we are indirectly helping you by exposing unscrupulous, money-minded, and myopic financial advisors. And yes, PersonalFN will continue to wave our mighty pen against these elements, to stand for investors’ rights and ethical financial business practices, no matter the cost.

A message for unscrupulous advisors...

If you can think about your family’s wellbeing, why not think as much about your clients? If you work in their interest, not giving into the instantaneous ‘high’ of rewards and commissions, you have a chance of winning over clients forever.

Today people have money, but what they don’t have is time to manage it and grow it. Very few people have the knowledge and acumen to make the right investment decisions. This is why investors, in general, need someone who can guide them on their journey to financial freedom. They come to you with expectations, not only trusting your qualifications, but also assuming that you are an ethical and credible professional. They believe you may slip up with advice and market movements but your intentions could not be wrong. Unfortunately, that’s not your intention. You are working for money, not for charity, aren’t you? But, there’s nothing justifies emptying the investors pocket to fill your own. PersonalFN believes that shortcuts to success lead you to a dead end.

Amongst you, thousands of mutual fund distributors are going out of business. Securing incremental business has become difficult for those who are insurance agents. It’s not just by competition or by chance. All these cases are interlinked and have some common reasons. Primary factors are as given below.
 

• You breached the trust of your investors which is why investors are now afraid of you.
   
• To earn commissions, you made false promises, taught investors wrong lessons by giving them false hopes.
   

Wake up advisors! Clients are staying away from you , they are avoiding you. They want advice, but they don’t want you. So please don’t waste time and make a resolution that, YOU WILL BE AN ETHICAL ADVISOR TODAY.

You may change your looks, your goals, the company of people you keep, but what you can’t change is your past, which does catch up with you. It takes really long to change your image, there’s no harm in trying. So, PersonalFN appeals to you—change your image for good. The first step would be to admit your mistake to your clients. Initially, they may be irate and disgruntle with you, but if they see a genuine change, they might be willing to forgive.

A small note for investors
Before you trust a financial advisor, a mutual fund distributor or an insurance agent, you should be sure of his/her integrity. The one-to-one discussions let advisors know how savvy you are about your investments. On the similar lines, you may judge the advisor on a whole host of parameters revolving around ethical conduct.

For years, the resolution of PersonalFN has remained the same—spread awareness among investors, help them make wise financial decisions, and expose and reprimand unscrupulous advisors and unethical business practices.

In 2016, PersonalFN wishes to add another shade to it
Get all ethical and like-minded advisors on one platform. Learn about this industry-changing initiative as 2016 unfolds.

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