Getting an unsophisticated client was the golden prize. The quickest way to make money on Wall Street is to take the most sophisticated product and try to sell it to the least sophisticated client.
Greg SmithIt makes me ill how callously people talk about ripping their clients off I donโt know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the clientโs goals? Absolutely. Every day, in fact.
Greg SmithLeadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence.
Greg SmithIf clients donโt trust you they will eventually stop doing business with you. It doesnโt matter how smart you are.
Greg SmithChange is eminent, control is an illusion, but dreams are eternal. Believe in your dreams!
Greg Smith