Among a small subset of Financial Advisors, there’s a belief that ruthlessness is a necessary trait. These are the people who tell you to focus on securing the highest commissions – even to the detriment of a client – or to do “whatever it takes” to be the best. This is based on the “nice guys finish last” theory of life, which suggests that being “playing fair” is a weakness in your career. But how true is this?
The biggest danger in believing that “nice guys finish last” is that it leads to unethical behaviour. Cover-ups, poaching clients, and outright lying have all been justified by the saying that “I need to do this to survive in this business”.
In reality, we’ve seen time and again that unethical practices lead to prison time, fines, and job loss; even for people who have supposedly reached the “finish line” (e.g., senior management and top executives).
The “nice guys” do face consequences for their failures – such as missed sales here or there, or a delayed promotion. However, the consequences of these are tiny, compared to a police investigation, or criminal cases that disqualify them from their career permanently. How then, is that “finishing first”?
The most ruthless and unlikeable people also lose their support base fast. Colleagues don’t trust them, formerly warm leads turn cold (even friends and relatives avoid buying from you, if you have a reputation as a shark), and opportunities are withdrawn. This is difficult to reverse once it happens, as it means trying to rebuild your reputation from the ground up.
So even if you feel that nice guys face a bigger challenge, don’t be tempted into thinking that being a bad guy will fix your issues. Odds are, adopting shady practices will further hinder your chances of success, rather than improve your life.
Being a “nice guy” does not mean being passive, timid, or a pushover. This is an erroneous interpretation of what it means to be nice.
Nice guys can still be assertive, and state their case without resorting to aggression.
You do need to bend over backward and agree to everything to be “nice”; you just have to be firm and polite in your refusals.
In fact, being willing to stand your ground and do the right thing (a true nice guy) often requires the opposite of being a pushover. Standing up for your ethics can make you more driven, build confidence, and encourage you to speak your mind even when you’re under pressure.
Above all, the true nice guy attitude compels you to engage in fair competition. This means you’ll develop skills in an authentic way, without cheating.
It’s fair to say that, interpreted right, the nice guy attitude can create competence and a winning edge.
If you get to the top by cheating (e.g., using policy loopholes, or grey area methods), chances are you won’t stay there long.
Regulatory authorities – be they the government or your company – will eventually identify such loopholes and close them. If you haven’t bothered to develop other skills or fair approaches, such a response may demolish your apparent “success” almost overnight.
Besides this, getting to the top through sheer ruthlessness sets a bad example.
Consider that, if you want to one day lead your own firm, your behaviour will set a benchmark for your employees. If they find out that you relied on deceit and manipulation, there’s no way you can stop similar behaviour on their part, without looking like a hypocrite.
Simply put, ruthless “win at all costs” methods fail as a long-term strategy. The nice guys may not win a single specific race; but they may win more races over the years, compared to those who cheat.
Your success and methods will reflect your work environment
Negative beliefs, such as “nice guys finish last”, are indicative of poor mentorship. Anyone espousing such philosophies will lose the moral leadership required. In the finance industry, it’s not just the skills and knowledge that matter. Trust is worth more than its weight in gold.
At Exodus Capital, we consider mentorship to go beyond just teaching methods of presentation, networking, product knowledge, etc. Those are all key components, but we also help our people to adopt healthy outlooks for the long term, and find careers that enrich their lives both financially and mentally. Do reach out to us for help, if you want career opportunities that can match your wider goals.
