Comprehensive Wealth Management: Cowboy Ethics
I recently finished a book which was given to me as a gift from a good friend of mine titled “Cowboy Ethics- What Wall Street Can Learn from the Code of the West.” The book was written by James P. Owen, a 40-year veteran of Wall Street and ex hedge fund manager. He points out that so many investors are disgusted by the misdeeds of a few and suspicious of the industry at large. The book explores the possibility of Wall Street looking back to a simpler time when a handshake was enough to seal a deal, and right and wrong were as clear as black and white. The book poses the question- what if executives, portfolio managers, analysts, and traders decided that things aren’t for sale? What if every major investment firm agreed to live by the principle that the client always comes first?
In words and images, Cowboy Ethics explores the life and code of the working cowboy as a source of inspiration pointing the industry to a way out of its troubles.
James also makes two other points I wanted to highlight:
“If you think about it, investors only need two things from Wall Street; someone they can trust and someone they can count on.”
“If you work in the investment industry, make no mistake about where your loyalties should lie: The client comes first – not when it’s convenient, not when you feel like it, but always!”
As an advisor for over twenty years, I assure you if you focus less on returns and spend your efforts on finding someone that holds themselves to these same “cowboy” ethics, your investment experience will be a much more successful one.
About Charles Massimo
Recognized as industry expert and guest speaker at national industry conferences, Charles Massimo is a published author and media subject expert on topics ranging from wealth/asset management to investment and financial planning for high net worth families.