Keep Your Enemies Close … But Not Too Close!

In the Securities Industry, there are good times, bad times and dead market times. In good times, like now, it is hard to imagine “other” blips that could affect your career and your life.

Past times can and should teach us valuable lessons as Churchill noted in his address to the House of Commons in 1948 – “Those who fail to learn from history are condemned to repeat it.” History is not merely relegated to major cataclysmic events on a national stage; it very much can apply on a more singular scale between individuals. Also, where might you ask, would you find the applicability of that scenario in our business?

The Dream Team

So prevalent, so demanded in today’s market environment the team build-up is considered essential in managing and growing assets and revenue in the face of the ever-rising bar of achievement. Harmony within the team structure is undoubtedly desirable but not present in the drive forward.

Moreover, in that ceaseless drive for success, the aspect of recognition will come into play. Recognition comes in two forms – good and bad – and that’s where the relationship casualty can come into play. The leader on the achievement ladder looks back down and wonders who is not climbing as hard as he/she is. Maybe, just maybe, there are too damn many people on MY ladder! Fewer people mean less to feed at the trough, eh?

As the owner of the Dream Team, you had better ensure there are not too many feet on that ladder. If it breaks, it will be tough to replace.

Knights of the Round (Boardroom) Table

In the good old Medieval days, in King Arthur’s court, chivalry met the standard for a moral and social code among equals. Well, that is except for Lancelot who ran off with Arthur’s wife. Oh, and maybe Mordred, Arthur’s bastard son who usurped the throne while Dad was away chasing after Lancelot.

Around the more modern boardroom table, the members portray a group of trustworthy equals. It is the “equal” thing which can be the sticking point because there is always an Arthur sitting at the head as the ‘first amongst equals.’ Some would agree that unless the “chair” has a lock on power and fear, it is the nature of the more ambitious members to revolt at the first sign of weakness. Treachery and division arise as one suit after another transfers affiliations and loyalty, truth and trustworthiness become the first casualties of the war to come.

Does this happen all the time – of course not! However, it DOES happen. Watch for the signs of enticement.

Partnership and the Errant Associate

As the business grows, the time will arrive for the broker-of-record to lay in support that goes well beyond the sales aide. That would be in the form of an Associate, a fully licensed individual who assists the broker in the growing, managing and maintenance of the clientele. As such the Associate has direct and intimate knowledge and contact with the accounts; he/she becomes a critical link in the relationship factor and often can become the go-to contact for a sizeable portion of the book.

It is not unusual for the Associate to be positioned as the eventual succession plan for a broker with an eye on retirement. It is also not uncommon for that scenario to fade away because of an extended timeline involved as well as other imponderables. At some point, the Associate, whose frustration may have fallen prey to a recruiting competitor, takes flight intending to draw a sizeable portion of the clientele to the new nest.

The success rate? Usually small in terms of assets, but enough to make replacing the assets a time-consuming irritation. Hey, best to ensure there is ink on that non-solicitation agreement!
None of the preceding examples of securities industry happenstance are laid in historical concrete. They serve only as a brief guidepost to the possible. Those possibilities and many others are lying in wait as the industry continues in its cathartic change today and tomorrow.

The Curry-Henry Group

With over 40-years’ serving the Financial Industry, the Curry-Henry Group provides a full portfolio of supporting products and services including Career Counselling, Recruitment & Placement (for both individual and corporations,) Succession & Retirement Planning and Book Buy/Sell Valuations.

Whether you’re an organization seeking new staff, or an individual seeking a new direction, the Curry-Henry Group can help. Contact us for a confidential, no-obligation review of your requirements.

• Phone: 905.331.3629

• Email: bc@curryhenrygroup.com

• President & CEO: Brian L. Curry, C.E.C.

• Web: http://www.CurryHenryGroup.com

• Address: 1100 Walkers Line, Suite 203, Burlington, ON L7N 2G3

The Curry-Henry Group is part of the exclusive Platinum Partners Network and conducts business at the highest levels within the industry today. Contact CHG and discover why discerning clients put the Curry-Henry Group first.