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Should I Start Looking for a New Job? (1 Viewer)

Andrew74

Andrew74

Footballguy
I'm the chief investment officer for a wealth management firm, that has offices across the country. While I was on vacation this week, one of the market managers sold a prospect on a strategy we don't offer. This mkt manager used to be a CIO in the late 90s/early 2000s and it appears she sold a strategy that she was familiar with. The problem is she told nobody about this - not me, not my boss. She went rogue and did it on her own. Evidently she said something (not sure what) to my boss' boss and she said he approved it. I called my boss' boss yesterday and all he said was "we'll hammer it out on Monday." I am opposed to us doing it for a variety of reasons. If my boss' boss doesn't side with me, am I overreacting in thinking I should start looking for a new job? He's been here a couple months and the mkt manager has been here a month or so.

 
Sure, why not? There's no harm in applying for other jobs as long as you aren't blabbing about it to the rest of the office. Worst case scenario you don't find anything you like and continue working your current job.

 
Real answer is to send your boss an email explaining your disagreement with the idea and noting you weren't involved in the process. CYA just in case you stick around and someone tries to pin this on you.

 
RUSF18 said:
Real answer is to send your boss an email explaining your disagreement with the idea and noting you weren't involved in the process. CYA just in case you stick around and someone tries to pin this on you.
Click to expand...
He's her boss. Why doesn't he just fire her and sell the prospect on something they do offer?

 
RUSF18 said:
Real answer is to send your boss an email explaining your disagreement with the idea and noting you weren't involved in the process. CYA just in case you stick around and someone tries to pin this on you.
Click to expand...
Yes, get it in writing that someone else made the proposal to the client.

 
Christo said:
RUSF18 said:
Real answer is to send your boss an email explaining your disagreement with the idea and noting you weren't involved in the process. CYA just in case you stick around and someone tries to pin this on you.
Click to expand...
He's her boss. Why doesn't he just fire her and sell the prospect on something they do offer?
Click to expand...
If they sold it then they do offer that strategy now, except A74 does not want to execute it.

 
Will this add any unnecessary risk or negative impact on your clients? I'd answer that and then approach from that angle if possible.

 
Doctor Detroit said:
Will this add any unnecessary risk or negative impact on your clients? I'd answer that and then approach from that angle if possible.
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The first negative impact is no one knows how to execute it. We run money based on fundamentals. She sold a technical trading strategy.
 
I use both fundamental and technical analysis (at a rudimentary level) to make my own investments. What any wealth management firm does not have is the 3rd strategy: my spidey sense.

 
If your firm's investment committee and/or management didn't approve the strategy before she sold it, I'd definitely send an email to your boss and compliance outling what you know and when you knew it.

There's no working it out after the fact for fiduciaries, so if it goes bad someone's taking a fall and it's not going to be your boss's boss. CYA here.

 
cstu said:
Rohn Jambo said:
I use both fundamental and technical analysis (at a rudimentary level) to make my own investments. What any wealth management firm does not have is the 3rd strategy: my spidey sense.
Click to expand...
Warren Buffett doesn't use it:

"I realized that technical analysis didn't work when I turned the chart upside down and didn't get a different answer."
Click to expand...
http://www.fool.com/investing/value/avoid-the-mistake-that-cost-buffett-8-years-of-bet.aspx
Click to expand...
I rely on spidey sense about the business and some fundamentals for long term investments and check the price charts for short term plays, which I do not make too often as that is mostly for fun.

 
Rohn Jambo said:
cstu said:
Rohn Jambo said:
I use both fundamental and technical analysis (at a rudimentary level) to make my own investments. What any wealth management firm does not have is the 3rd strategy: my spidey sense.
Click to expand...
Warren Buffett doesn't use it:

"I realized that technical analysis didn't work when I turned the chart upside down and didn't get a different answer."
Click to expand...
http://www.fool.com/investing/value/avoid-the-mistake-that-cost-buffett-8-years-of-bet.aspx
Click to expand...
I rely on spidey sense about the business and some fundamentals for long term investments and check the price charts for short term plays, which I do not make too often as that is mostly for fun.
Click to expand...
are you Eminence?

 
saintfool said:
Rohn Jambo said:
cstu said:
Rohn Jambo said:
I use both fundamental and technical analysis (at a rudimentary level) to make my own investments. What any wealth management firm does not have is the 3rd strategy: my spidey sense.
Click to expand...
Warren Buffett doesn't use it:

"I realized that technical analysis didn't work when I turned the chart upside down and didn't get a different answer."
Click to expand...
http://www.fool.com/investing/value/avoid-the-mistake-that-cost-buffett-8-years-of-bet.aspx
Click to expand...
I rely on spidey sense about the business and some fundamentals for long term investments and check the price charts for short term plays, which I do not make too often as that is mostly for fun.
Click to expand...
are you Eminence?
Click to expand...
Every single one of my Investments returned a profit. Does Eminence do that? <_<
 
Last edited by a moderator:
Rohn Jambo said:
cstu said:
Rohn Jambo said:
I use both fundamental and technical analysis (at a rudimentary level) to make my own investments. What any wealth management firm does not have is the 3rd strategy: my spidey sense.
Click to expand...
Warren Buffett doesn't use it:

"I realized that technical analysis didn't work when I turned the chart upside down and didn't get a different answer."
Click to expand...
http://www.fool.com/investing/value/avoid-the-mistake-that-cost-buffett-8-years-of-bet.aspx
Click to expand...
I rely on spidey sense about the business and some fundamentals for long term investments and check the price charts for short term plays, which I do not make too often as that is mostly for fun.
Click to expand...
:lmao:

 
So my boss' boss basically said I have to figure out how to do this or let the new person run it (even though she's not a part of the Investment staff). So she went rogue, sold her own portfolio and now I'm told I have to accept it and support it. I don't really feel like I am in charge of much this morning.

 
Andrew74 said:
So my boss' boss basically said I have to figure out how to do this or let the new person run it (even though she's not a part of the Investment staff). So she went rogue, sold her own portfolio and now I'm told I have to accept it and support it. I don't really feel like I am in charge of much this morning.
Click to expand...
Let me guess, you didn't hire this gal

 
Andrew74 said:
So my boss' boss basically said I have to figure out how to do this or let the new person run it (even though she's not a part of the Investment staff). So she went rogue, sold her own portfolio and now I'm told I have to accept it and support it. I don't really feel like I am in charge of much this morning.
Click to expand...
You're in a lose-lose spot here, chief. You stay and run this strategy and there's no upside for you... you do well, it's all someone else's idea. You do poorly... it's because you effed it up.

Let the noob run it and start looking.

ETA: And learn from this experience. I grew up in a very aggressive business environment where the notion "better to ask forgiveness than to ask permission" was taught from the top down at the highest levels... it would seem to me this noob seemed to understand quite well what that meant, and it left you holding the bag saying, "but what about me"?

You can recover from this... but you should also learn from it.

 
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Now for the more fbg-worth part of this story.... is the woman CIO in question worth banging at all? No, I don't mean hot... doesn't have to be hot to be worth banging... does she look like she doesn't get much but really needs it? Such is the material the FFA is meant to discuss.

 
johnnycakes said:
Now for the more fbg-worth part of this story.... is the woman CIO in question worth banging at all? No, I don't mean hot... doesn't have to be hot to be worth banging... does she look like she doesn't get much but really needs it? Such is the material the FFA is meant to discuss.
Click to expand...
Solid answer above. Our culture is not like that at all so this really threw everyone off guard. Live and learn. As for this question, I'd probably say yes.

 
Well my boss has basically #### on me for the past 9 months while the lady who started her own strategy just does whatever she wants. Shockingly, my boss walked into my office on July 1st and told me he was making this lady my boss and the two of us "need to figure out how to run things". He then went on vacation and has not talked to me since. They announced it to the firm this past Tuesday while I was out on vacation.

I took everyone's advice and started looking for a job back in November. I will finalize an offer today and happily tell the bozos I work for where to stuff it.

 
Andrew74 said:
Well my boss has basically #### on me for the past 9 months while the lady who started her own strategy just does whatever she wants. Shockingly, my boss walked into my office on July 1st and told me he was making this lady my boss and the two of us "need to figure out how to run things". He then went on vacation and has not talked to me since. They announced it to the firm this past Tuesday while I was out on vacation.

I took everyone's advice and started looking for a job back in November. I will finalize an offer today and happily tell the bozos I work for where to stuff it.
Click to expand...
Did her "new system" work and expand or is this more of a political move?Either way, congratulations. If/when it all goes bad for them, you can sit back and enjoy it from afar.

 
Andrew74 said:
Well my boss has basically #### on me for the past 9 months while the lady who started her own strategy just does whatever she wants. Shockingly, my boss walked into my office on July 1st and told me he was making this lady my boss and the two of us "need to figure out how to run things". He then went on vacation and has not talked to me since. They announced it to the firm this past Tuesday while I was out on vacation.

I took everyone's advice and started looking for a job back in November. I will finalize an offer today and happily tell the bozos I work for where to stuff it.
Click to expand...
Nice.

Let them run the company into the ground without scewing up your name in the market

 
Andrew74 said:
I'm the chief investment officer for a wealth management firm, that has offices across the country. While I was on vacation this week, one of the market managers sold a prospect on a strategy we don't offer. This mkt manager used to be a CIO in the late 90s/early 2000s and it appears she sold a strategy that she was familiar with. The problem is she told nobody about this - not me, not my boss. She went rogue and did it on her own. Evidently she said something (not sure what) to my boss' boss and she said he approved it. I called my boss' boss yesterday and all he said was "we'll hammer it out on Monday." I am opposed to us doing it for a variety of reasons. If my boss' boss doesn't side with me, am I overreacting in thinking I should start looking for a new job? He's been here a couple months and the mkt manager has been here a month or so.
Click to expand...
Do you know chet? If you don't, you should. Just don't screw him out of his referral fees.

I see this as another firm culture issue. When I was at The Firm, SOP was expressly stated as "better to ask forgiveness than to ask permission". So at The Firm, disregarding any "compliance issues" that may be real problems with what she did... the fact that she took matters into her own hand like that... if it worked out OK, she would be rewarded. If the strategy didn't work out or if we lost a client over it, she'd be toast. It's all in the results. You can do it... but you'd better be right.

And if you think she may be gunning for your position... if you see this as a her-against-you kind of thing... if that's what it really is... and your boss doesn't side with you... look out. Then you may need to pray that her strategy bombs, then you can come down on her. But I'd be careful about rocking the boat if she may come out looking good for what she did.. then you could come off looking like a real killjoy

 
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johnnycakes said:
Andrew74 said:
I'm the chief investment officer for a wealth management firm, that has offices across the country. While I was on vacation this week, one of the market managers sold a prospect on a strategy we don't offer. This mkt manager used to be a CIO in the late 90s/early 2000s and it appears she sold a strategy that she was familiar with. The problem is she told nobody about this - not me, not my boss. She went rogue and did it on her own. Evidently she said something (not sure what) to my boss' boss and she said he approved it. I called my boss' boss yesterday and all he said was "we'll hammer it out on Monday." I am opposed to us doing it for a variety of reasons. If my boss' boss doesn't side with me, am I overreacting in thinking I should start looking for a new job? He's been here a couple months and the mkt manager has been here a month or so.
Click to expand...
Do you know chet? If you don't, you should. Just don't screw him out of his referral fees.

I see this as another firm culture issue. When I was at The Firm, SOP was expressly stated as "better to ask forgiveness than to ask permission". So at The Firm, disregarding any "compliance issues" that may be real problems with what she did... the fact that she took matters into her own hand like that... if it worked out OK, she would be rewarded. If the strategy didn't work out or if we lost a client over it, she'd be toast. It's all in the results. You can do it... but you'd better be right.

And if you think she may be gunning for your position... if you see this as a her-against-you kind of thing... if that's what it really is... and your boss doesn't side with you... look out. Then you may need to pray that her strategy bombs, then you can come down on her. But I'd be careful about rocking the boat if she may come out looking good for what she did.. then you could come off looking like a real killjoy
Click to expand...
GM GB

 
trader jake said:
Andrew74 said:
Well my boss has basically #### on me for the past 9 months while the lady who started her own strategy just does whatever she wants. Shockingly, my boss walked into my office on July 1st and told me he was making this lady my boss and the two of us "need to figure out how to run things". He then went on vacation and has not talked to me since. They announced it to the firm this past Tuesday while I was out on vacation.

I took everyone's advice and started looking for a job back in November. I will finalize an offer today and happily tell the bozos I work for where to stuff it.
Click to expand...
Did her "new system" work and expand or is this more of a political move?Either way, congratulations. If/when it all goes bad for them, you can sit back and enjoy it from afar.
Click to expand...
The performance has been middling. It's got super high turnover and volatility. Meanwhile 10 out of 11 strategies my team runs are beating YTD and 100% beating over last 3 years. So at least I'm going out on top. I'll be the 3rd person to leave this month. Historically this place has super low turnover.

 
Andrew74 said:
Well my boss has basically #### on me for the past 9 months while the lady who started her own strategy just does whatever she wants. Shockingly, my boss walked into my office on July 1st and told me he was making this lady my boss and the two of us "need to figure out how to run things". He then went on vacation and has not talked to me since. They announced it to the firm this past Tuesday while I was out on vacation.

I took everyone's advice and started looking for a job back in November. I will finalize an offer today and happily tell the bozos I work for where to stuff it.
Click to expand...
ooh. I didn't realize this was an older thread... :bag: Glad to see you're landing on your feet. :thumbup:

 
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