Who is the Boogie Man? The Boogie Man is your compliance department who knew this already? You knew that they’re watching, but we’ve seen a massive increase in the scale of firms watching over the shoulder of those advisors with massive divisions within your firm that are getting more and more efficient. Watching everything you do. And we’re seeing this division scale at Merrill Lynch at UBS at Wells Fargo or Morgan Stanley, but now we’re seeing the boutiques, getting really involved in either heightened supervision or firings of their advisors in droves.
So whether or not it’s a trade era it’s your travel and entertainment and watching every single transaction on your credit card. Whether or not you’re going out for dinner with a client or you’re going out to dinner with your family as an example if an expense is made on your, or son’s or daughter’s birthday, and that’s an expense they’re watching that conduct within the office and how you interact with yourself with your assistant. Whether or not you use vulgar language or occasionally curse during your communications (who doesn’t)? Maybe that’s your cell phone and dialing clients or your emails, your performance reports everything’s being watched every single text message every single email your outside business activities are a huge huge red flag.
But how much time can you spend as an advisor watching yourself making sure every single perfect thing is done on behalf of your employer who’s barely paying you 45% fully taxable and a platform that is ubiquitous with almost all other platforms? They’re firing at will or they’re putting on heightened supervision what are the ramifications? Ramifications are if you are on heightened supervision which is quite rapid. Your ability to possibly see other firms or even get an offer from another firm if you have so inclination will not be allowed. Other firms will not entertain hiring somebody who is under heightened supervision but people the advisors are also getting fired. Right? Fired we’re seeing a large escalation of advisors being fired for innocuous reasons. Certainly, some of the older ones who have great books have been there for at their firm for 20 or even 30 years. And they’re hiring Junior advisors to take over those books as almost a push the bottom line is they’re looking and they’re getting better at it. And to watch your back. Boogie Man is watching.
Thank you for listening
As the Editor of The Gershman Group, a boutique financial services consulting firm, TGG brings expertise in financial analysis, strategic planning, and market research. With a keen eye for detail and a passion for helping businesses navigate complex financial landscapes, TGG delivers insightful, high-quality content to empower informed decisions. Backed by years of industry experience, TGG makes complex topics accessible through clear and compelling communication, shaping the firm’s thought leadership and commitment to excellence in financial services.
