I was sitting with a friend in a Mumbai house and he got an American visitor. We exchanged pleasantries and did some US bashing. He was happy to do DT bashing – he started it. He then went on to do some USA bashing – not very rare these days. He was talking about how USA can market everything including ‘ethics’ class.

My friend’s aunt was sitting there – she is about 80 years of age, and very alert. This American asked – can she speak English. We said she can understand English but not with your accent. However he did manage a small conversation with her about her coffee, etc.

He then something epic. He said “here is a woman who can handle 4 languages (Tamil, Kannada, Hindi, Marathi) and a smattering of English. So that makes it 5 languages – apart from Sanskrit in which she could read and write, but had not spoken for a very long time. Make it 6. She can handle complex concepts like Dharma without a teacher…” and by US methods she is ‘illiterate’ and I am literate. I just attended a 4 day class on Ethics and I have been given a 200 page print out which I will never read.

We ended up discussing ethics…and this is what we said:

• Always tell the truth to the clients
• When you do not know something say “I do not know”
• None of us can predict markets – and to make money you do not need to, so don’t project returns
• If there is a conflict of interest – decide in the client’s favor
• If you are an employee and have conflict of interest, change jobs
• Get assistance in areas that you are conflicted or incompetent
• All of us cannot know everything, get other professionals into it
• You should be able to meet all clients in the eye, ALWAYS.
• Own up to mistakes
• Attend training for self improvement – the only way to ensure that mistakes are visible
• Have an IFA for yourself – it amazingly improves returns – it removes bias

I am sure you would have guessed by now…he works for one of the biggest banks in the USA and handles a bunch of RM. Of course they are called by a different name, but they too are on a small salary and a high commission. Many of them drive big Mercs (Mercs are expensive in Trump’s USA too!).

However….he does take them through an ethics class regularly….and they pay a fee..of about US $ 500 for a session..and this is what he teaches them. Here, you have got it free! Sounds simple to do no?

Go. Just, Do it.