A personal story.
During the 1980s, I worked at the esteemed and venerable firm, E.F. Hutton & Company. In the middle of the decade, some of the firm's executives ensnared the rest of us in a huge scandal (check-kiting and mail fraud). After the firm pleaded guilty to 2000 counts of wire and mail fraud in May of 1985, E.F. Hutton was continually in the headlines. After years of good p.r. resulting from the classic ad campaign of "When E.F. Hutton talks, people listen", the firm suddenly found itself to be the whipping boy for all of Wall Street excesses.
For 2+ years, rumor after rumor seemed to dog the firm. Finally, in December of 1987, the firm was mercilessly euthanized when Shearson Lehman took us out of our misery.
Throughout this two-and-a-half year period, it was a constant battle for the advisors to stay focused. Each new day seemed to bring a new revelation and/or rumor.If one wanted to...they could obsess and discuss the day's gossip ad infinitum.
The one notable exception in our office was a gentleman in one of the corner offices who was building his business through managed money. Remember, this was back in 1985, when managed money was a very new product. Each and every day, this guy was one of the first people in the office. Like clockwork, he would close the door of his office and call his clients, discussing their portfolios, setting up client meetings, etc....oblivious to whatever daily events the rest of the office was chattering about.
In a matter of time, and in the face of huge distraction, he was able to build a monster managed money business. I recall being completely awestruck at the fees that he generated during the managed money production months...agog at how an advisor could do that much business.
His concentrated focus has always stuck with me. I think about it today, in light of the events and political scandal that are encircling this administration...and the juicy temptation to stay plugged into the latest update.
At some point, we must all decide that certain events are completely extraneous to the job at hand. Worrying about things beyond our control can become an overwhelmingly, and counter-productive, diversion. Must...stay...focused!
mean I just read through the entire article of yours and it was quite good but since I'm more of a visual learner,I found that to be more helpful.
Posted by: Nike Air Max 2012 | January 15, 2012 at 12:34 AM