Friday, July 3, 2009

"Handled with CARE" customers treated like family, a real standard for financial services, regulators and the rest of the world

As Americans' celebration of US Independence Day draws near, the Stamp Act among other non-representative acts led our founders to collaborate and write the Declaration of Independence. I read the Declaration recently and at its base is a document, based upon certain unalienable rights - life, liberty and the pursuit of happiness, which sets forth a new mode of human endeavor independent of the British Crown and King George. Taking a clue from the Stamp Act I was reminded of a business school management lesson - the acronym "STAMP" to represent one model for behavioral change.

Behavioral change is easier to implement if it's what? S.T.A.M.P.
S - simple
T- timely
A- actionable
M- measurable
P- probable

SHOW ME
This writer was born and raised on the Jersey shore, NJ's nickname is "the Garden state"; however when it comes to the care a customer's account deserves McConnell says "I'm from the state of Missouri - the "SHOW ME" state.

As the headline suggests, if more involved in the financial services industry including regulators, elected officials, and market participants looked upon and over ALL accounts as "their own family's money" would they have acted the same?

I'm not suggesting that all would have been prevented, not in the least, however, what I am 100% urging is that there, starting now, be a hand written, yes HAND WRITTEN certification - as follows:

"Handled with CARE" suggested format for Hand-Written PERSONAL certifications by financial services industry.
"I have invested, monitored AND SUPERVISED my customers' accounts and proprietary trading accounts with the same care as my family's and here's the proof; with a due diligence checklist performed for each on an annual basis OR whenever risk return levels deviate AT ANY TIME from historical or our own unique models and expectations."

THIS CALLS FOR A NEW S.T.A.M.P., HAND WRITTEN, PERSONAL CERTIFICATION FOR SUPERVISORS FOR ALL ACCOUNTS - PUBLIC CUSTOMERS' AND PROPRIETARY ACCOUNTS.

There, that should be STAMP right? No more siesta on the taxpayers' dime. And Happy Fourth of July, Independence Day America!

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