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.

 

  1. Raajesh subramanian

    Its easy now a days by westerner or NRI’s to strike conversation about these philosophical topics by referring western authors and giving examples from their quotes. But if some one explore / deep dive into topics – the author or his guru or his guru’s guru-> you will find out Indian sastras which helped to pass on the thoughts and preached by an indian guru. Also, it fashionable now to accept western capsule of Indianian thoughts – so you can find more such kind of people. Rajiv Malhotra is one soul which is shedding lot of lights on such kind of persons and bringing the correct credit for the right author.

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