Archive for the ‘emotional intelligence’ Category

Broker bails out on his position of trust

Wednesday, January 14th, 2009

Marc Schrenker was picked up by police in a KOA campground today.  His alleged scheme to fake his death by calling in a distress message, and then parachuting to freedom out of his airplane didn’t work. He is alive to deal with some of the mess his life has become.

Apparently, he was involved in stealing commissions, but at this stage, maybe the kindest thing to do, until the facts emerge, is to say his life was unraveling. His wife had recently filed for divorce, and his father had just passed away.

Someone accustomed to $1,000 suits, private planes, fancy cars and club memberships, can often have a hard time when it all comes “crashing down”. Victims of the Madoff scandal have killed themselves out of despair.

How a person deals with these challenges and choices in the workplace is best understood with EQ testing and assessment, based on the science of axiology.

Luckily, Schrenker wasn’t hurt when he parachuted out, and no one on the ground was nearby when his plane landed in a swamp.

If a person, like Mr. Schrenker is alleged to be, had been EQ tested and assessed using the zerorisk system, prior to being hired, I believe they would have been identified as a poor fit for a position of trust, with a potential for theft and embezzlement.

- Frank Abrams is the founder of zenPeak Inc. , helping companies find and retain peak performers for high-trust and high-integrity positions.

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Is your Financial Advisor a scam artist?

Tuesday, December 23rd, 2008

Here’s a list of the top 3 tell-tale signs to watch for to determine if you are being scammed.

  1. I would put this at the top… “Custom Statements” What do you know! All of a sudden the statements you used to get from your investment house,  have been replaced by a customized personal report prepared just for you, by your broker. Call the Head Office compliance department and put your complaints in writing asap.
  2. Your broker asks you to make out a cheque to him or her personally. Cheques made out to your broker’s name not the firm. Forget the lame excuse, this is a red flag. Take action in writing and call the Head Office compliance department.
  3. You see strange trades in your account and your broker reassures you it will be taken care of.  Allow a day to fix the problem just in case it was a legitimate error.  If it isn’t fixed, you know the drill…

More from CNBC:

Also, watch for strange behaviors such as your advisor is never in the office, asks you to call them on their cell phone instead of the office line which is likely recorded, your broker fails to follow your trade instructions, or you suspect they may have an addiction problem (alcohol, drugs, gambling). All of these should make you suspicious.

Frank Abrams is the founder of zenPeak Inc. – insuring peak performance

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