For those clients, friends, and followers you most likely know we love the financial industry and happily live it every day. Recently there have been numerous examples of “black eyes” to say the least, which cast a slight cloud over our beloved industry.
As a former local CFA society president and FPA board member I have had the opportunity to work alongside literally hundreds of fellow financial industry practitioners. While maybe an inordinate sample, the goal and spirit of almost every person I have worked with in the industry is genuinely positive and best for the client.
Mistake or Malice?
The most recent Knight trading debacle along with the high-profile Face Plant…oh I mean Facebook IPO has continued to darken the circle of the already black eye of many in the financial industry. Using these two events as an example, Knight was a computer glitch and the over hyped Facebook proves correctly that value matters, not just sizzle. We contend that these two event are more mistakes than malice.
Several large institutions, Stanford, Madoff and many others are certainly malicious events along with managers losing sight of who the client really is, you the investor. Our view is the book should be thrown at these and we welcome the negative publicity as it sets the foundation for a better future for all participants.
Just as the economic and industrial world has evolved, the financial industry is evolving too (High Frequency Trading..ect) sometimes not in a straight line for the better.
Our true belief is the financial industry is setting the foundation for a strong future. Experiencing mistakes, although painful, will strengthen, and become a better place for all participants, while at the same time ferreted out those of malicious intent.
Have a Great Monday!
8222 Douglas Ave # 590
Dallas, TX 75225