Cheating Mr. Diskin is never worth it

Rob tells Soup it’s “wrong” and that they shouldn’t do it, but their immediate desire to go to the movies ends up outweighing committing the fraud. They put a stone in the tinfoil, and tried to make themselves feel better by thinking they were only cheating him out of a few cents. Mr. Diskin, who had always been nothing but kind to them, weighed the “weighted” tinfoil and went inside to get money to pay the boys. When he came back he gave them three things: two dimes, and the stone they had hidden in the tinfoil.

They got the money they needed to go to the movies, but at what price, really?

That’s what makes this a good lesson for children, who as part of growing up have the need to examine their actions and choices, and well as the consequences of those actions and choices. Same goes for the professional development of an insurance or financial advisor.

Suppose you really wanted to hit a production number to qualify for an incentive trip, and knew you could do so by steering a client toward a certain product even if you were aware a slightly better fit was available? Or recommended a product primarily because it pays a higher commission? Or advised an unsuspecting client to include within their policy something they don’t really need—an unnecessary rider, perhaps—much like Robert and Soup aimed to take advantage of Mr. Diskin?

Except that instead of disappointing Mr. Diskin and having to deal with that guilt, you may endure the guilt plus the wrath of an E&O claim.

Whenever you hear about an advisor being under investigation for taking advantage of a client, it should remind you of your own personal commitment to ethics and the importance of continually earning and maintaining your reputation as a trusted advisor.