scott d. sorrell clu, chfc , casl, cltc investment advisor representative
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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 - PowerPoint PPT PresentationTRANSCRIPT
Our mission is to provide quality guidance, build relationships of trust, and develop innovative solutions
for our clients.
Scott D. Sorrell CLU, ChFC, CASL, CLTCInvestment Advisor Representative
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. Consultation- gathering data2. Analysis- comparing alternatives3. Implementation- offering solutions4. Review- analyzing performance
1CONSULTATION
2ANALYSIS
3IMPLEMNTATION
4REVIEW
General Tips
1. Have a Plan 2. Use a Budget3. Live Within Your Means4. Manage Credit Effectively5. Pay Yourself First 6. Start Early 7. Develop the Emergency Fund and Keep It Safe8. Understand Your Risk Tolerance9. Hire a Good Financial Advisor to be your Quarterback
Our mission is to provide quality guidance, build relationships of trust, and develop innovative
solutions for our clients.
Capitol Financial Solutions Mission
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 & Moral
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…
Ethics in Real Life
No Ethical Reservations – Write “None”
Minor Ethical Reservations – Write “Minor”
Moderate Ethical Reservations – Write “Moderate”
Serious Ethical Reservations – Write “Major”
Ethical Sensitivity Exercise
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 #1
You take full credit for an ingenious use of a product that one of your subordinates
developed.
Scenario #2
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.
Scenario #3
• 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
Ethics & The Financial Crisis ‘08
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.
How The Firm Faces Ethical Challenges
“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?
Ethical Challenge The Firm Faced