Ken Fisher is hands down one of the most recognizable people in the investment world. He is a master marketer. His made-for-baby boomer ads are timely; just when that generation is retiring en masse and a long bull market has plumped up their retirement accounts.You can't help but see his firm's ads all over TV, radio, and online. He is a pioneer of the RIA (Registered Investment Advisor) business model. His net worth is believed to be over 3 Billion Dollars. He has other accolades such as author of 11 books.
So, if he has the world on a string, why would he say things that are so sexually explicit in front of a crowd of RIA firm owners who had to pony up $25,000.00 to attend, that I can't write them here? Is he really just a business savant and nothing more? No one can say for sure what this means for the future his massive firm, with billions and billions of dollars under its management. And there is more than enough to read about this in every corner of the internet. But trust me, what he said is disgusting.
Some who have heard him speak in the past claim that he says things that are off putting, such as calling charities immoral. Well, he is entitled to his opinion. But saying things that like bringing in a new client is akin to getting into a woman's pants at the above mentioned conference? It's beyond stupid. It's beyond shocking. What it is, is really his heart. He spoke at a conference with a rule that states what happens there, stays there; a no-talk to the media agreement. I'm sure my compliance dept. will agree with this statement: compliance is what you do when someone is looking. Ethics is what you do when no one is looking. Mr. Fisher spoke at a forum that he believed his words would never be heard by any outsiders, sort of like a politician getting caught saying something abhorrent while unknowingly wearing a hot mic. I do believe that if Mr. Fisher worked for a firm that he didn't control, he would've been fired by now. He is now a relic of the 'ol boys club.
The speed of the internet undid a reputation that should never have even existed in the first place is one conclusion.
Luckily, the part of the investment industry that he helped usher in has moved beyond him. It's a good thing that wealth management clients have more choices than ever of where they could bring their business; from national brokerage firms to small wealth management shops to fully digital platforms.
Perhaps a bright spot in this mess is how evident, how astonishingly clear, and how deep rooted it has become to have zero tolerance in financial services for people like Mr. Fisher. There is no more "well, he's just old school" or "that's the way we always did it" so it's harmless. Another conclusion is that the 'ol Wall Street is a relic too. And that's a good thing.
Now, check out this video below:
