Scott D. Sorrell CLU, ChFC, CASL, CLTC
Investment Advisor Representative
Our mission is to provide quality guidance, build
relationships of trust, and develop innovative solutions
for our clients.
Things I Wish I Knew
As a Young Professional
to Have a Great Start to
Becoming Financially Independent
And, a Few Other Tips in Business
No Matter What You Do, If You Are
Successful, You Will Be Selling
• Learn to Attract, Not Chase
– Serving vs Selling
• Learn the Art of Questions
• Practice Communication
• Ethics Beyond Reproach
Studies Show:
The less you talk the more people
like you!
On to the Financial Tips…
The Pyramid
Develop a Financial Strategy
1.
2.
3.
4.
1
2
3
4
CONSULTATION
ANALYSIS
IMPLEMNTATION
REVIEW
Consultation- gathering data
Analysis- comparing alternatives
Implementation- offering solutions
Review- analyzing performance
General Tips
1.
2.
3.
4.
5.
6.
7.
8.
9.
Have a Plan
Use a Budget
Live Within Your Means
Manage Credit Effectively
Pay Yourself First
Start Early
Develop the Emergency Fund and Keep It Safe
Understand Your Risk Tolerance
Hire a Good Financial Advisor to be your
Quarterback
Capitol Financial Solutions Mission
Our mission is to provide quality guidance, build
relationships of trust, and develop innovative
solutions for our clients.
Ethics & Moral
The word ethics is derived from the ancient Greek
word ethos, which means “customs or habits.”
The word morals is derived from the Latin word
mores and also refers to societal customs and rules.
Morals and Ethics are passed down through our
culture
– Some actions are considered acceptable or good
– Some actions are considered unacceptable or bad
Ethics in Real Life
Three types of situations typically:
• The No Brainer – very clear what is right and
wrong
• The Dilemma – more complicated, creates
conflict
• The Gray Area – situations where we might not
even realize there is an ethical dilemma
Let’s look at a few examples from the workplace…
Ethical Sensitivity Exercise
No Ethical Reservations – Write “None”
Minor Ethical Reservations – Write “Minor”
Moderate Ethical Reservations – Write
“Moderate”
Serious Ethical Reservations – Write “Major”
Scenario #1
You bring a more experienced colleague into a
project that is beyond your ability because you
feel your client doesn’t trust you to do it alone.
Scenario #2
You take full credit for an ingenious use of a
product that one of your subordinates
developed.
Scenario #3
You inform the children of an elderly man about
the erratic changes he has made in his will. He
is a recent widower.
He asked you to change his will and leave most
of his money to the SPCA. He claims to be
deeply in love with the director of the SPCA.
The SPCA director’s son is also a financial
planner and will make the requested changes if
you do not.
Ethics & The Financial Crisis ‘08
• Bernie Madoff was an innovator!
• Culture of Unethical Behavior at his firm
• The Fallout
– Investors lost millions, many lost their retirement
– All his employees lost their jobs, whether they
were involved or not
– Bernie lost his family, his business, his freedom
How The Firm Faces Ethical Challenges
The Firm considers these thoughts:
• My word is my bond.
• Capitol’s reputation must be one of trust.
• The Firm has more than 100 employees,
advisors and their families counting on it.
• The Firm has thousands of clients and their
families counting on it.
Ethical Challenge The Firm Faced
•
•
•
•
“The Bad Branch Manager Situation”
Hired a branch manager for a detached office
Quickly became clear that it wasn’t a good fit
He brought in one large case for which he was
due about $75,000
He was very costly to Capitol
To Pay or Not to Pay?