Whistle-blowing: A big payoff

Now, I’m not suggesting you call regulators if you slip up. Rather, I’m suggesting you should occasionally reflect on whether your conduct befits a financial professional. When it doesn’t, “blow the whistle,” softly at first, then louder–until change happens. Similarly, if you see colleagues doing something inappropriate, ask, “Is that really in the best interests of the client?” Then help them identify more appropriate behavior. In this way, “iron will sharpen iron,” creating a more ethical industry for all.

So how do you become an effective whistle-blower? These pointers will help:

1. Follow the money. Ethical lapses occur most often when lots of money is involved. Be sure to question your motivations for recommending high-commission products.
2. Be hard on yourself. Don’t rationalize improper conduct. Blow the whistle on yourself or your team before someone else does it for you. It’s so much better to fix problems before they go public–or viral.
3. Don’t let personal relationships hold you back. It’s hard to tell a friend he is doing something wrong. Preface your comment by saying, “I’m telling you this as a friend. Don’t take it the wrong way.”
4. Reward yourself. When you enhance a sales practice as a result of your internal whistle-blowing, buy yourself something nice. Your whistle-blower award won’t be worth millions, but you’ll have something highly valuable–a long career and the satisfaction of doing what’s right.