The pandemic crisis of 2020 is generating more than just medical terror, it’s creating a cash flow crunch for advisers whether they’re fee based or commissionable salespeople. Often the temptation in these times is to sell high compensation products for your own survival against your fiduciary responsibility to your client or prospect.
This is an agonizing environment to sell in, especially for those new to the financial services business who lack a book of business that generates a ongoing renewal income. The human impulse is to negotiate with your conscience and do what’s in your best interest. After all you have a family who depends on you. But personal survival under these stressful conditions can entice even the most moral of men to do what they would never do…compromise.
In any arbitration case or litigation proceedings you’ll go through you’ll face an unsympathetic arbitrator or judge. Then you may lose your career. The short term setting aside of your principles will have a long-term effect on your character…and it will change you…and not for the good.