a nice thought, but how does this work?
- Joshua M Brown
- November 28th, 2012
Here's the thing about "Get Out and Vote, be Involved" or "Rise Above" or any of the other vague calls to action we're hearing right now - While I agree with the sentiments broadly speaking, I'm not quite sure what to actually do about it, if anything.
Take this latest attempt to "mobilize the troops" over at Morgan Stanley, for example...
Morgan Stanley (MS) Chief Executive Officer James Gorman called on the investment bank’s employees to pressure U.S. lawmakers into reaching an agreement that averts the so-called fiscal cliff.
“No issue is more critical right now for the U.S. economy, the global financial markets and the financial well-being of our clients, which is why I am asking you to participate in the democratic process and make your voice heard,” Gorman wrote in a memo, a copy of which was obtained by Bloomberg News. The message went to about 30,000 U.S. workers including 16,000 financial advisers, said James Wiggins, a company spokesman.
I have no idea what that means. Be a part of the political process when? Now? With 30 days until year-end? What does that do? Does he want his 16,000 advisors writing letters?
How does this have anything to do with the current issue? What side, if any, are "the troops" being asked to fight for? We know from polls that 80% of financial advisors were backing Romney and the Republican agenda this last election, is he asking them to switch? Or is this just meant to encourage their leanings like when MTV screamed out "Rock the Vote!" when they really meant "Vote for Clinton!"
Calls to action regarding the Cliff, even well-meaning ones, make no sense to me right now other than for the purpose of drawing attention to those making the call.
is this just marketing or am I missing something?
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The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.