Chapter 1 - 4

Mastering the Moneyed
Mind, Volume IV
Mastering the Moneyed
Mind, Volume IV
The Gyroscope—A Personal
“Money Wellness” Strategy
Dr. Christopher Bayer

Mastering the Moneyed Mind, Volume IV: The Gyroscope—A Personal
“Money Wellness” Strategy
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Abstract
From the foundations laid in Volumes I, II, and III in the series, Volume IV
delivers “The Gyroscope,” with a comprehensive list of approaches for
supporting the reader through a process of money wellness. In this vol-
ume, the gyroscope is deconstructed and defined as a metaphorical meth-
odology that anyone can use as a tool to envision, storyboard, and achieve
true, lasting personal and professional satisfaction, especially with regard
to the accumulation, use, and management of money.
The volume is, literally, bursting with analogies made to deconstruct
the various shades of meaning that can be extracted from the concept of a
gyroscope. For example, The Gyroscope is also a complete self-creation/mo-
tivation model that offers a broad range of proven best practices designed to
cause incremental improvements in psychological and physical health. At
a birds’-eye-view level, Volume IV offers readers personal advice for man-
aging their own gyroscope—an internal mechanism that can be adjusted
through considerable, deliberate actions. As a tool for supporting incre-
mental behavioral improvements, the gyroscope is most needed by those
working in high-stress professions, such as Finance, which Volume IV
uses as an illustrative model of society for the purposes of understanding
the relationship between the mind and money.
Creating one’s own gyroscope is an intellectual, emotional, and spiri-
tual process that permeates all aspects of one’s life. Humans possess an
emotional (limbic system) brain and an analytic (frontoparietal cortex)
brain, and must bring to bear analytical skills and disciplined thinking
in order to truly prosper in work and in life. How to harmonize these
contrasting yet necessary brain systems to regain stability, maintain equi-
librium, through a process of self-empowerment and incremental im-
provements are major areas of discussion in this volume.
After a comprehensive definition of gyroscope, readers are guided through
self-assessments and evaluations, including communication and relaxation
techniques—all aligned with or made to relate to best practices in fiduciary
responsibility. As a tool for self-improvement, the gyroscope offers readers
strategies for work-environment survival and professional risk management,
in addition to techniques for personal deception-avoidance. Techniques in
vi ABSTRACT
this area draw readers into a 15-point Personal Rules of Engagement check-
list, and exercises in a personal mission statement, with techniques for suc-
cess benchmarking, affirmations, and engagement in a personal Return on
Investment (ROI) calculator. As the fourth volume in the series, Volume IV
offers readers a tangible gift, an appendix covering the Top Five Things You
Should Do Next—a concise, hard-hitting handful of advice that will get any-
one on the road toward achieving their goal of balance and fulfillment—a
naturally, solid, gyroscope.
Keywords
psychology; finance; neuroeconomics; behavioral finance; money;
self-assessment; self-help; Wall Street; gyroscope; deception-avoidance
techniques; physical health; guilt-management; motivation; success
benchmarking; money wellness; expectations management
Table of Contents
Foreword................................................................................................ix
Introduction to the Gyroscope................................................................xiii
Chapter 1 Expectations Management.................................................1

Chapter 2 Signaling Theory and Communication
Best Practices...................................................................43
Chapter 3 The Calm During the Storm: Controlling Panic...............69
Chapter 4 Personal Wellness Strategies: Moving Forward and
Staying Ahead..................................................................75
Appendices..........................................................................................125
References and Further Reading............................................................133
Epilogue..............................................................................................137
About the Author.................................................................................141
Index..................................................................................................145
Foreword
“Mastering the Moneyed Mind” is not an abstract thesis, but a practical,
easy-to-follow methodology. For the author, Dr. Christopher Bayer, when
it comes to mapping the many complex facets of our relationship with
money, visualization for his readers (and for his clients) is essential. To fa-
cilitate such visualization, Dr. Bayer created a very accessible, proprietary
construct he calls “The Wall Street Psychologist’s Gyroscope™,” as a way
for readers (and his clients) to imagine their work and personal lives as
components of an ecosystem.
The gyroscope is a 360-degree self-creation/motivation model within
which an individual selects from a wide range of proven best practices
designed to provide incremental improvements in psychological and
physical health. This compartmentalization enables the individual to
better cope with the deception, betrayal, deep disappointment, severe
financial loss, and the fear, loneliness, vulnerability and panic that affect
them, driven by money and related obsessions. How one copes with
adversity is certainly within one’s grasp, according to Dr. Bayer, and this
volume is within the reach of anyone who is interested in learning the
techniques.
Metaphorically speaking, the gyroscope helps tie everything together
for the reader. As a physical tool, it is an apparatus with a central spin-
ning wheel and a device called a gimbal, which allows the wheel’s axle to
maintain its orientation and equilibrium regardless of what is happen-
ing around it. If we consider the metaphor in light of the shape, form,
and purpose of the tool, it is easy to imagine how we all have an inter-
nal gyroscope that can be calibrated to bring balance in our lives. Ac-
cording to Dr. Bayer, visualization of our internal gyroscope reminds us
of the importance of (a) holding steady in times of chaos and flux; and
(b) maintaining stability, surviving even when negotiating the daily cycles
of the market. Essentially, if one is in touch with his inner and outer gim-
bals (i.e., his value system, work ethic, sense of well-being, duty, skill sets,
x FOREWORD
interpersonal relationships, and happiness parameters), he stands a much

better chance of staying on his desired course.
So how do you create—how do you cultivate—your gyroscope?
That is the major focus of this volume: providing a graphic and easy-to-
follow blueprint for leveraging the many techniques detailed in Dr. Bayer’s
work: Following this path, readers can learn how to (1) regain stability,
(2) maintain equilibrium, and (3) empower themselves along the path
to incremental improvement. Financial professionals like making money;
money empowers them, so for them, the goals are better performance,
realization of financial goals, and a healthy life-work balance.
In this volume, Dr. Bayer teaches us how to do it better, and how to
maintain emotional equilibrium. He draws upon his experience in some
of the most dramatic settings imaginable, including psychiatric hospitals
(state and private), drug and alcohol rehabilitation units, correctional in-
stitutions, community mental health centers, and court systems (family,
supreme, and federal) to help readers understand the deeper reasons be-
hind financial madness.
As is shown in Volumes I to III, Mastering the Moneyed Mind is more
than proactive tales of battles with, and victory over unhealthy money-mind
habits. With 35 years on the pulse of high earners and big spenders,
Dr. Bayer has witnessed the utter unhappiness of many of America’s con-
summate consumers. His years-long exploration of the reasons for the
paradox of poor little rich boys and girls has culminated in the writing of
this volume. This work reveals groundbreaking techniques and exercises
developed to draw even the most desperate back from the edge. Even at
the end, Volume IV invites readers to continue reading, and continue
pursuing and contributing knowledge about financial literacy, neuroeco-
nomics, and the importance of personal balance.
The strategies are, purposefully designed with an aim to help read-
ers become happier and more successful in the office and beyond. For
instance, each strategy is formulated with discussions about (a) how to
minimize and control codependency; (b) how to negotiate professional
rejection and ingratitude; (c) how to communicate effectively; and
(d) how to manage unrealistic expectations. Additionally, readers are of-
fered evidence-based, time-tested techniques on how to reduce stress and
feel more satisfied and confident inside and outside the workplace. In
FOREWORD
xi
utilizing the innovative and practical strategies and techniques outlined in

the volume, anyone can learn to be in better control of their inner selves,
and, in turn, their career or business. In the language of Dr. Bayer:
Professionals must create their own universe—one rooted in har-

mony, well-being, and prosperity. Business success and emotional
balance go hand in hand; it is naïve to think otherwise. The power
and necessity of emotional and spiritual health can never be un-
derestimated, especially in the demanding, chaotic, and exciting
world of today’s fast-paced, technology- and innovation-driven
markets and industries.
Even with the wealth of joy I anticipate this volume will bring to
readers, it is important to note here that, as with any other book, the
advice offered does not constitute a substitute for professional psychologi-
cal treatment, therapy, or other types of intervention. If expert advice or
counseling is needed, the services of a competent professional should be
sought. The self-help contents are Dr. Bayer’s opinions, based on his ex-
perience, and should not be considered as a form of therapy, advice, direc-
tion and/or diagnosis or treatment of any kind: medical, spiritual, mental,
or other. His opinions, though based on his experience as a psychologist,
are designed to serve as one tiny component of any personal improvement
process that includes guidance and directions from a medical practitioner.
Additionally, The Wall Street Psychologist’s Gyroscope is not in-
tended as a scholarly treatise on any or all of the myriad topics covered,
and it should not be used as an academic or clinical reference. Though it
is composed of facts, research findings, and other types of data, all were
cherry-picked by Dr. Bayer to underscore his opinions, observations, and
clinical experience.
Dr. Anestine Hector-Mason,

Managing Director, The Conscious Press. LLC.
Introduction to the
Gyroscope
Human beings form the sum of many parts, both of the mind and of the
body. Likewise, treatment involves many facets. The approach to treating
psychological disorders is unlike that of addressing physiological mala-
dies, but just as a doctor takes a series of vitals when treating an abrasion,
when a client enters my care, I focus on the totality of the individual’s
psychological health.
Rarely do individuals appreciate the vast and varied tapestry that
composes the psyche. As a client arrives in my office, she or he is typically
devastated by depression or debilitated by feelings of helplessness or a
sense of insecurity to such an extent that it had driven him or her to seek
treatment—almost always a measure of last resort.
The road to true recovery through treatment is long and hard. Some-
times, full recovery may not be possible. Some of my relationships with
clients span years, even decades. I will not delude you by telling you that
this is a road that never ends for everyone. And yet, the journey need not
xiv INTRODUCTION TO THE GYROSCOPE
be so arduous all the time. This is a picture from the link Charlene sent.
If this one isn’t good enough, we will send other pictures later after the
gyroscope we purchased arrives.
The Components of the Gyroscope

There is a Latin motto, Avia pervia. Loosely translated, it means: “To
make easy what is difficult to achieve.” This is the essence of The Wall
Street Psychologist’s Gyroscope. It is a vehicle for self-awareness and
self-improvement across the financial professional’s physical, profes-
sional, and psychological dimensions. A gyroscope is fundamentally a
device for maintaining and/or measuring orientation, and so, we may
apply the construct of a gyroscope as a metaphorical model for pursuing
self-improvement and, in many instances, self-preservation. The symbol
itself is only a metaphor that reminds us of the need to maintain balance
in the face of limited options. As we learned in Volume III, when I speak
of balance, I refer to body and mind, and this volume will cover more
details about the importance of balance, because everything we do in life
have implications on our body and our mind.
Like every individual I treat, every gyroscope we build is unique, yet
there are commonalities of both condition and treatment. With the tools
in this volume you can develop your own gyroscope that will allow you to
dig deeper, explore your true identity, and mine your psyche as a means
of identifying ways to improve and maintain orientation. Based on that
premise, again, presented here is another visualization of the gyroscope,
with details about each point discussed in the chapters of this volume.
The financial professional (FP) is immersed in the complex, ultracom-
petitive, constantly evolving landscape that is Wall Street. Whatever else
they are, FPs are not passive individuals. My experience in treating them
is that FPs can derive optimal benefit more easily by actively participating
in their own remediation. To make this possible, I developed a series of
internal and external processes for maintaining and measuring orienta-
tion. This is not a rigid step-by-step methodology.
Complex regimens rarely produce meaningful, lasting results. Instead, I
offer a collection of proven emotional/intellectual/physical/spiritual processes
the FP can select from to integrate into his or her core with time and practice.
xv
xvi INTRODUCTION TO THE GYROSCOPE
Start Simple to Build Momentum
My approach to treatment has its roots in the Orthogenic Principle es-

poused by Heinz Werner (1890–1964), a noted Austrian developmental
psychologist. According to Werner’s principle, “development proceeds
from a state of relative lack of differentiation to a state of increasing dif-
ferentiation and hierarchic integration”1 in all aspects of an individual’s
life, from development to the management of life experience. Werner’s
principle can inspire hope because it reinforces the notion that if one
perseveres one can grow, resolve conflict, and establish better operational
methods in personal life and in business.
In short, in treatment—as at work—we do not bite off more than we
can psychologically chew. With proper guidance and development, get-
ting this right gets easier to internalize and practice. As my patients work
hard on developing their skill sets and inner life, the process becomes
more sophisticated, interesting, and sound. He develops from the inside
out as a person, and from the outside in as a technically savvy financial
professional. Problems are solved in the field (office), and ideally, they
become more fulfilled human beings internally (at home, at work, and
everywhere in between). As we progress, he understands just how sacred
fiduciary responsibility is, and how he must not create moral hazards so
as not to ultimately suffer and subject the clients who have trusted him
to suffering.
Creating one’s own gyroscope is an intellectual, emotional, and spiri-
tual process that permeates one’s professional and personal lives. How-
ever, we must keep in mind that people possess an emotional (limbic
system) brain, and an analytic (frontoparietal cortex) brain. Harmoniz-
ing these contrasting but necessary brain systems is my mission in this
volume. We are passionate, feeling human beings but we must exercise
disciplined, analytical skills and thinking in order to truly prosper on the
Street. These contrasting skills/forces/states of being challenge FPs daily,
especially from 9:30 a.m. to 4 p.m. Eastern Standard Time.
1
H. Werner. 1951. Comparative psychology of mental development (New York, NY: In-
ternational Universities Press, Inc.).
INTRODUCTION TO THE GYROSCOPE xvii
An a› la Carte Approach to Treatment
To get started, the individual needs to select one or more components

of The Wall Street Psychologist’s Gyroscope that are easily attainable. As
they achieve success, they select additional components and the process
of self-improvement becomes more sophisticated. Problems are solved,
incremental gains are made, and progress soon becomes a constant theme
in the FP’s life.
Treating the Impatient Patient

As you reflect on the gyroscope and on what it means, and how I am re-
ferring to it as a metaphor, consider this question: How do you treat the
inpatient when recovery is not a magic pill nor the latest and greatest in
mind-bending, psychotherapeutic mental gymnastics? For those who are
suffering, struggling, or just genuinely seeking self-improvement, over-
coming the psychological shackles that bind them involves identifying
and addressing all of the issues affecting their psyche.
I developed The Wall Street Psychologist’s Gyroscope because I needed
a series of techniques for helping financial professionals. Think of my rec-
ommendations as a collection of best practices. In fact, I rarely even use
the term Wall Street Psychologist’s Gyroscope in treatment.
As you will see, in this volume, I provide a large number of exercises
and strategies. This is not a step-by-step methodology. I have not had
anyone fully master all of these components. Some are simply starting
points. You can dive in wherever you like. The one common denominator
is that they all facilitate incremental change. They are the psychological
steps that lead to greater strides, the small battles to help you win the war
with your psyche.
Some people will find specific exercises more useful than others.
Certain readers may find some ideas here pedestrian, while some rec-
ommendations may seem to involve too much effort on the part of the
practitioner. Some may seem like common sense, while others will run
contrary to collective wisdom.
At the end of the day, though, every exercise in this improvement
matrix will set you up for incremental improvements in your life.
xviii INTRODUCTION TO THE GYROSCOPE
Collectively, they provide a portfolio of options to set you out on the

path to psychological wellness. The length of the strides you make on that
path is something you decide.
A Strategy Finserv Folks Can Grasp

Financial services professionals form a class of client unlike any other.
Due to the nature of their jobs, they are driven by the tangible. They need
a project plan, a series of metrics, something concrete to help them envi-
sion a path to recovery. That is where the gyroscope comes in. The journey
will be hard, but starting out on it need not be too much so; having an
action matrix provides a detailed, measured plan of improvement that
reinforces the what of the end goal with the how of the process.
Simply put, the gyroscope is a metaphorical methodology using which
the individual can storyboard a strategy to achieving true, lasting personal
and professional satisfaction. Think of the tactics and techniques on the
following pages as elements of your Project Plan to execute, based on the
research previously provided in this volume.
Specifically, the first volume of this series raises awareness about the
cause of many psychological maladies afflicting financial professionals. I
then lead my readers through the effect, as in the psychological and physi-
ological consequences of the inherent stress of their jobs, and the impact
of negative behavior and poor choices. Along that trajectory, we now
arrive at the Wall Street Psychologist’s Gyroscope, to provide the guid-
ance that is necessary to address the various issues we explored previously.
Remember, treatment of the body and the mind constitutes the sum of
many parts.
Healing and Preventive Measures

for the Mind-Body Connection
Any professional active in financial services should find something within
the following pages that will be synonymous with their feelings and needs.
My intention is not only to enable my readers and clients to address sig-
nificant issues that have arisen in their lives and in the office, but also to
better equip them to avoid crises and calamities down the road.
INTRODUCTION TO THE GYROSCOPE xix
In Volume III, we established, on the basis of research and observa-

tion, the critical mind-body link—a highly complex relationship we are
only now beginning to comprehend with any depth. Let us focus on that
link and the ways in which it influences you.
While researchers are making meaningful breakthroughs that are help-
ing us to better define this connection, we can never fully know the extent
of the consequences of risky behavior on either side of the mind-body
relationship. In my 30-plus years as a psychologist treating Wall Street
professionals, I have witnessed the devastating ramifications of this link.
Because of the nature of a financial professional’s job description, and the
associated lifestyle, psychological stressors have multiple definite, adverse
physiological effects.
Moreover, many of my clients, consumed by greed and obsessed with
power, have often disregarded common sense and caution, engaging in
high-risk behavior with consequences for their health. Many who were
not active substance abusers still did not lead healthy lifestyles, unless life
events (hypertension, heart attack, OCD behaviors, spouse’s ultimatums,
severe debt and overspending) conspired to make them face their pain
and anguish.
The purpose of this volume is to provide guidance for living a more
health-conscious life. My recommendations are intended to be practical,
as advice that is not reasonable and does not consider the pressures of the
day-to-day life is not very good advice at all.
This guidance includes various stress-mastery techniques, as well
as active and passive relaxation techniques, visualization and imaging
techniques, and compartmentalization techniques. I also do not just
tell you to get more sleep, but give you advice on coping with sleep
deprivation. Taking care of your mind and your body properly is as
important as addressing any immediate psychological issues, as well
as an absolutely crucial part of developing and maintaining a sound
gyroscope.
Will You Embrace Change?

For more context, and to enrich your reading experience, I call your at-
tention to a fascinating book by W. Randall Jones, The Richest Man in
xx INTRODUCTION TO THE GYROSCOPE
Town—The Twelve Commandments of Wealth.2 Jones reminds us that Dar-

win was right when he observed: “It is not the strongest of the species that
survives, nor the most intelligent, but the one who are most responsive
to change.”3 The founder of Worth magazine, Jones appropriately enough
identifies the “Richest Man in Town” in 100 American cities and towns,
ranging from household names like Bill Gates, to the lesser-known Fred
DeLuca, founder of Subway, from Bob Stiller, founder of Green Moun-
tain Coffee, to Jorge Perez, real estate mogul and the most financially suc-
cessful Latino man in the country. Based on these moguls’ insights, Jones
maps out his 12 commandments of wealth:
1. Seek Money for Money’s Sake and Ye Shall Not Find—“Money will
only come when you are doing the right thing in the right way,” ac-
cording to Randal Kirk.
2. Find Your Perfect Pitch—“Knowing others is intelligence; know-
ing yourself is true wisdom. Mastering others is strength; mastering
yourself is true power,” counsels the Tao Te Ching.
3. BYOB: Be Your Own Boss—“You don’t get rich working for other
people,” says Phil Ruffin.
4. Get Addicted to Ambition—“If we did all the things we are capable
of doing, we would literally astound ourselves,” said Thomas Edison.
5. Wake up early—be early—“The sun has not caught me in bed for
fifty years,” Thomas Jefferson used to say.
6. Don’t Set Goals—Execute or Get Executed—“Vision without ex-
ecution is hallucination” —food for thought from Thomas Edison.
7. Fail to Succeed—“I’ve failed over and over and over again in my
life. That’s why I succeeded,” said Michael Jordan. “If you are going
through hell, keep going,” Winston Churchill instructed.
8. Location Does Matter—“There is no greater success than hometown
success,” opined Buzz Oates.
2
W.J. Randall. 2009. The Richest Man in Town, (New York, NY: Business Plus).
3
C. Darwin. 1859. On the Origin of Species. The attribution of this quote to Darwin
has been disputed; the substance, however, still stands.
INTRODUCTION TO THE GYROSCOPE xxi
9. Moor Yourself to Morals—“It takes twenty years to build a reputa-

tion and five minutes to ruin it. If you think about that, you’ll do
things differently,” —wisdom from Warren Buffet.
10. Say Yes to Sales—“Nothing happens until something is sold,” be-
lieves Joe Ricketts
11. Borrow from the Best and the Worst—“I not only use all the brains
that I have, but all that I can borrow,” said Woodrow Wilson.
12. Never Retire—“Find something you truly love to do and retire for
the rest of your life,” was one of James Hartley Click, Sr’s Twelve
Commandments of Wealth.
Our psyches comprise the sum of so many parts. The guidance pro-
vided in these 12 points is only actionable when the reader is truly percep-
tive, when she or he is willing to work and grow in the process. These 12
perspectives vary in subject and substance, yet all are sincere and based
on a set of common denominators: experience, careful thinking, and
self-reflection. It also helps that they are rooted in honesty, perseverance,
and dedication to excellence. These same virtues are, collectively, a driving
component of my treatment regimens. As you proceed with this volume,
consider that it is designed to help you begin to take small steps down
the path to wellness of the mind and the body. Are you willing? Are you
ready? Continue only if you are.
CHAPTER 1
Expectations Management
Let us start off with expectations. Consider what you want from, or expect
from this volume. Why is expectations management important? Have you
read the other books in this series leading to this one? Exactly what do you
expect? To start off, take a deep breath, and prepare to engage yourself in
the richness of this volume. Expect to use this volume as an important tool
for managing not only your money, but also your life. This volume offers
information from breathing exercises to communication and management
techniques to enrich your experience at home, at work, and in life.
All proposed techniques are designed to empower you to manage rela-
tionships, and essentially, to manage your reputation as you plant yourself
on solid ground for success. The management of all expectations begins
with clear communication, and overall, communicative competence—
the ability to express yourself in a way that is clear, meaningful, and
responsive. Let us begin with some relationship and reputation manage-
ment strategies before delving closely into communication best practices.
Expectation-Management Strategy
Managing expectations can be a heavy psychological burden, whether
it is with clients, colleagues, partners, parents, regulators, investors,
spouses, children—whomever. Developing the coping skills to manage
expectations and related anxieties should be a core component of any
well-thought-through gyroscope.
Based on a Development Model to Facilitate Progress
The Wall Street Psychologist’s Gyroscope is based upon a developmental

model, not a mechanistic one, which means that it constitutes an evolv-
ing, growing, ongoing, process-oriented system. It is dynamic, and made
so that it is to be fine-tuned and corrected.
2 MASTERING THE MONEYED MIND, VOLUME IV
Most people want it both ways, in the sense that they only want to win
and never want to lose. This is natural, but it is not realistic. The smart in-
dividual deals with this fantasy by proactively discussing risk-management
strategies with clients and managers at the outset—thoroughly and
transparently—and by putting the potential rewards and risks involved in
real, concrete terms. For the purposes of an example, I will discuss manag-
ing client relations, but these concepts may be applied to any situation in
which you are struggling to manage expectations.
Avoid Complexity to Ensure Goal-Setting Is Attainable
This does not need to be complex; in fact, I recommend you develop a

streamlined grid, so you could group expectations across your client and
investor base, thus reducing the administrative and logistical efforts re-
quired to increase satisfaction.
For instance, if you know that certain clients tend to respond more fa-
vorably to frequent correspondence, you may want to develop a monthly
communication, based on a template that you could customize for each
client. Clients have an inherent need to feel valued and important. So do
managers and CEOs. It is human nature.
If you know certain clients need to see you face to face, you may want
to schedule a lunch or dinner meeting with them on a systematic basic.
The point is that you need to communicate and anchor the relationship.
Regarding investment strategies, knowing what the client expects in
terms of a level of return can help you level set more effectively prior
to purchase, and to adjust your client-management and reporting style
accordingly.
There are two important steps for managing expectations. One in-
volves creating physical records of your clients, and the other includes
an expectations grid. After you have classified your clients and created
a physical record of who they are (see pp. 11–14), supplement this with
an expectation grid that logs and updates each client’s specific goals and
projections, so that you always remain as aware as possible of what kind
of income and interaction might be anticipated or required now and in
the future. Here is a simple expectation grid you can apply and customize
in order to manage client expectations more effectively:
Expected Preferred Most Effective Most Effective
Client Name % Yield on Actual % Yield Style of Frequency of Mode of
(Contact Info) Investment on Investment Justification Reporting Reporting Reporting Notes
3
Schedule quarterly reviews with key clients and set up systems whereby
you are in touch with them on a regular basis. It is very important that
you do not succumb to passivity, avoidance, or feelings of victimhood.
If you are not talking to your clients, someone else is (or will be). This is a
critically important concept, integral to your strategy for account and
relationship management.
Face Your Feelings of Inadequacy Head On
Despite their success, many financial professionals (FPs) I have worked

with carry a sense of inferiority. These feelings of inadequacy are at times
acutely felt within the broker-client dynamic, as many clients are highly
successful and well-educated, with aggressive personalities, and insist on
success. They want to make money and they want to preserve capital.
That is the code.
Unless they were on an early-management track, many of my clients
did not pursue a Masters of Business Administration and often have not
gone beyond the bachelor’s level. They have not been students in the tra-
ditional sense, and had instead pursued and gotten the minimum indus-
try certifications required to practice their trade.
In fact, many excellent floor traders and old-time pit traders I have
treated have only a high school education. Despite this, they can see
the template of the market and the trends almost instantaneously and
are quite gifted in this regard. They certainly have a head for numbers
and money, and a talent for selling and trading; as a group, they are
vivacious and charming. They really like making money and livin’ it
up. After all, the unwritten consensus on Wall Street is that living and
spending well is the best way of overcoming earlier inadequacies and
penurious backgrounds, riddled with deprivation and few to no great
expectations.
At the end of the day, however, whoever the FPs are or might
have been, their clients expect them to make happen something very
essential—to “make money and preserve capital.” Anything less is unac-
ceptable. Part of my work with traders is to bolster self-esteem, put into
Expectations Management 5
perspective their feelings of inferiority, and expand their thinking, so they

could build their gyroscope with finesse and style.
Do Not Trade on Guilt
Some clients will try to make you feel guilty about their own poor deci-
sions. Do not let them. Clarify, discuss, process, and tell it like it is—
gently, yet professionally. Managing expectations should be such an
important element of your gyroscope.
If you develop techniques that train you to effectively level set
with your clients beforehand, you empower yourself when conflict
does arise. You are then able to point to previous conversations and
documented notifications, and you will be on firm ground. If you be-
lieve in your client service, challenge their abuse. Do not let the fear
of losing a client override your good judgment about the transactions
in question.
Bad people versus Bad behavior
It is crucial to distinguish between difficult people and difficult behavior.

Defend your decisions and behave calmly and with dignity. Remember
the power of genuineness and authenticity. If you can sidestep negativ-
ity, and if it nevertheless continues or gets out of hand, you should
confront it in a respectful and positive way. Your client will respect you
in return; and if he does not, you might think twice about continuing
to work with him.
The smart FP establishes and maintains clear boundaries of respon-
sibility and tolerance. He does not allow himself to be manipulated and
deceived by others, and the primary way to do so is to sharpen personality-
assessment skills.
If the rules of the relationship are established at the outset, and if
you can synchronize energies—to be on the same page/field/cloud vibe/
language/expectation-wise—then the chance of betrayal and rejection are
minimized and managed. And if you lay out different options for your
client and allow him the prerogative of choosing, this can reduce the level
of pressure on you. You must train your clients—bring them up, condi-
tion them, harden them. Good clients are made, not born.
Fiduciary Responsibility Affirmation

The mandate of fiduciary responsibility—the ethical duty to uphold a
client’s confidence and trust that a service provider accepts as part of
the (implicit) legal contract and professional relationship with that
client—is a driving principle behind The Wall Street Psychologist’s
Gyroscope.
Ultimately, the short-term gains garnered by violating the spirit of fi-
duciary responsibility prevent long-term personal satisfaction, health, and
well-being. While such marginal actions can generate wealth and career
advancement, there are always fargoing consequences to sacrificing integ-
rity for monetary gain and power. Financial services professionals need to
master and understand fiduciary duty in both technical and emotional
terms, and then see how they (should) apply these tenets in their profes-
sional lives. My Fiduciary Responsibility Affirmation Exercise is a two-step
process that involves:
• Defining fiduciary responsibility

• Performing a fiduciary responsibility self-assessment
The Good Financial Professional
The first step is to define the scope of the concept. A review of the te-
nets of Fiduciary Responsibility can help the individual reconnect with
a fiduciary.
A fiduciary is a person or an entity empowered to manage the assets
of another. Therefore, a fiduciary association encompasses responsibil-
ity, knowledge, honesty, expertise, trust, and exhibition of good faith.
The fiduciary must also accept the obligation to act in the client’s best
interests and to navigate conflicts of interest, especially when the fi-
duciary has the potential to realize material gains as a result of such
conflicts.
A fiduciary must never take his client for granted nor minimize the
client’s concerns. This requires that the fiduciary hone and utilize empa-
thetic skills to understand and soothe clients, within reason. After all, the
client is entrusting his fiduciary with one of his most precious assets: his
money!
As we have seen, financial psychopaths comprise a category apart—
unable to feel empathy or remorse for the damage they visit upon
clients. Although the great majority of my clients do exhibit a moral
compass, over time it may start showing skewed results, often heavily
influenced by those around them and the ultracompetitive environment
of the markets.
For most, there is still time to right the ship. Moreover, there
are veritable blueprints in the forms of your organization’s employee
guidelines, industry regulations, compliance statutes, and the other
types of guidance on fiduciary responsibility that far too many
disregard.
Just as you would seek help for a substance abuse problem be-
yond your control, you need to embrace the concept of rehabilitat-
ing your perspective on and practice of fiduciary responsibility. First
and foremost, the good FP must focus on how to make money for
his clients—this is his moral and legal obligation. Making money
for himself will follow naturally. And the price of your integrity is
far beyond rubies.
In my practice, so many issues can be linked back to my clients’ com-
promise of their professional and emotional integrity. In many instances,
it happens slowly, over many years, as they lose their moral bearings in
order to, as they see it, keep pace with the world around them. While it is
happening, they often undermine their emotional stability until it slips,
careening wildly into the abyss.
This is a very personal journey you need to take, to reexamine the
tenets of fiduciary responsibility, no longer in the vein of “How far can I
go and what can I get away with?” but rather, “What are the boundaries I
need to set in order to regain integrity?”’
The question you need to ask yourself, and no one else, is: “What is my
measure of integrity?” When you answer that question honestly, frankly,
then you will know exactly what you need to do. Here is a simple question-
naire to help you reaffirm your commitment to fiduciary responsibility:
Fiduciary Responsibility Self-Assessment
Questions to ascertain commitment to fiduciary responsibility:

• Define your personal approach to fiduciary responsibility in 100 words or less.
• Provide some adjectives to describe your role in managing another’s rights, assets, or
well-being?
• What does good faith mean in the context of a professional relationship?
• If a client is not aware of negligence in how you conducted a transaction, would you
normally proactively admit your mistake?
• Do you consider yourself bound to a higher standard than your peers?
• Do you always fully disclose your interests which may be in conflict with the interests
of your client?
• Do you exclude yourself from personally benefitting from secret profits, even if they
do not affect your client?
• Are you always truthful with your clients?
• Have you ever exercised even the slightest misrepresentation, concealment, threat or
adverse pressure of any kind?
• Do you ever recommend speculative securities without examining the customer’s
financial situation to be assured that the customer can bear the risk?
• Have you ever set up a fictitious account to transact business that would otherwise be
prohibited?
• Do you make unauthorized transactions or use of funds?
• Do you ever recommend purchases that are inconsistent with the customer’s ability
to pay?
Financial professionals, like all professionals, must aspire to an ideal. Use

these questions as a starting point to self-assess your commitment to fiduciary
responsibility. Then, set goals to improve that commitment. Ultimately, it is
through the sincere pursuit of virtue that you will reconcile your psyche with
your profession. Otherwise, your gyroscope will always be flawed.
Fiduciary Responsibility Best Practices
Acting in the client’s interest, as opposed to the broker’s self-interest, is

much easier said than done. Below are some suggested methods that en-
sure the level of ethical service mandated by U.S. securities law, although
they may be at times difficult to practice. This template will make it easier.
Document Your Professional Code of Ethics
Many clients would be surprised to learn of the inherent challenges

their FP encounters in acting in their best interests. The FPs with
the integrity to consistently and objectively place their client’s inter-
est above all else should communicate as such and receive recogni-
tion from their clients. Developing such a code not only enables you
to reset your moral compass, but it is also an effective tool for self-
promotion. Doing the right thing is good for business. Clients have
radar, and an initial inherent distrust for people to whom they give
their money; this fact should never be underestimated. Paradoxically,
when clients’ oxytocin levels are stimulated, they will trust strangers
with their money. Smart FPs are familiar with the latest neuroscience
findings, and how to take advantage of them. (See Understanding Neu-
roeconomics, p.140.)
Focus on the Details
The financial professional, or the FP’s research team, can usually ascertain
the key details required for a client to make a qualified investment deci-
sion. The broker must develop best practices for consistently and effec-
tively communicating these details.
Be Prepared to Lose the Deal
More effective and comprehensive disclosure of information to clients

will likely lead to some of those clients declining certain investments they
otherwise may have authorized. The FP has to be psychologically pre-
pared for these losses and for level-setting with supervisors in order to
avoid backsliding.
Envision Empathetically
This is more than just envisioning yourself in your client’s position,

but taking a thorough, honest assessment of how you would interpret
the guidance you are providing. You should take the highest personal
standards and apply them to the level of service you provide. There is a
saying in this industry that we saw earlier in this volume “Would You Put
Your Mother in It?” This is an example of the sort of mindset that will fos-
ter not only long-term professional success, but also psychological health
and emotional well-being.
Approach Each Client Differently
While many investment types are similar, no two clients are ever the
same, and should be profiled accordingly—mapped to an investment
strategy that suits their specific goals, circumstances, and tolerance lev-
els. There should also be effort expended to endow communication with
a personal touch, say, a regular schedule of one-on-one conference calls
that gives a client the information he or she needs regarding his or her
portfolios.
Volunteer Information
In many instances, clients will not ask the right questions; they may
not even know what questions they need to ask. Avoid controlling
or manipulative approaches to investment advisement, and proac-
tively offer the right information. Then, follow up to make sure they
know that how what you have told them specifically affects their
positions.
Forecast Responsibly and Objectively
Clients give a lot of weight to what they hear from brokers on the front
lines. Avoid the temptation to embellish market trends; do not ignore key
issues that may be of relevance to your client (but happen to run contrary
to your self-interests) just to inspire a sale.
Use Graphic Representations
In finance, as elsewhere, a picture can be worth a million words. Charts

and graphics can go a long way toward communicating key ideas and
trends to clients. Use them sparingly but in a way that hits hard.
Follow Through, Consistently
The two ways in which you, as an FP, can maintain integrity is by effec-
tively communicating the right information, and then consistently fol-
lowing up with the client to make sure he fully comprehends how that
information affects his positions. Neglecting one or the other aspect of
this process essentially needlessly puts the client at a disadvantage. Not
all clients are going to appreciate or comprehend all of your guidance,
but quality communication and integrity will ultimately generate higher
returns over the long run.
Client Categorization Strategy

When it comes to client relations, one size should not fit all. Healthy
client relationships require that you modulate your relationship-
management approach on a client-by-client basis. The first step toward
improving relationships with clients is to make a sincere effort to get to
know them.
Do Your Due Diligence to Build Better Business Relationships
Keep a different kind of client book, noting your client’s passions, in-
terests, life issues, likes/dislikes, preferences, personality style, cogni-
tive style, intellectual capacity, dreams, pet peeves, significant history,
emotional stability, socioeconomic class, and so forth. The services
you provide do not take place in an emotional or historical vacuum.
Bring your life experience to the table and do not be afraid to formu-
late and voice ideas and impressions. Invite your client to reciprocate.
You are not his psychoanalyst, but you are a trusted confidant and
financial advisor.
Not all clients are savvy, bright, sophisticated, and analytic when it
comes to money—that is why they need you. Some are brighter and have
better memories than the average person; some understand trading and
money management better than others. Some clients are very good listen-
ers and abstract thinkers; many are not.
Consider that cognitive functions underlie the mental processes en-

abling us to govern how we operate. These functions include perception,
memory, creation of imagery, the capacity to understand abstract ideas,
information processing, and thinking. Not everyone has the same abil-
ity to process thoughts and apply new information. Cognitive abilities
are also affected by age, disease, and many other factors. What is more,
limited cognitive capacity is not always easily discernible. Some clients
may seem to comprehend, when in fact they are simply engaging in rote
behavior to mask their cognitive impairment.
It is not that they may be far behind in terms of understanding a
strategy or opportunity. It is just that you may be that much more ahead.
When we learn complex concepts, and they become part of our standard
repertoire, over time we tend to forget just how challenging these ideas
are for the uninitiated.
Knowing Clients Better Means You Will Know

What They Need
Embrace your clients’ different personalities and temperaments and tailor

your methods accordingly. If you can make yourself more aware of their
individual backgrounds and needs, then you can better shape what they
can expect from you and what you can expect from them. It is incumbent
on you to educate and train them for this relationship.
Assess clients’ cognitive styles and skill sets to develop a kind of diag-
nostic toolkit for dealing with each one. One way you can do this is to
develop your own classification system that categorizes clients as inves-
tors or traders, assesses their risk aversion and how they remember and
perceive information (components of their cognitive style) as well as their
information-processing and problem-solving abilities. Do not be afraid to
bring your own creativity into the process.
You likely will not be able to create an individualized approach to all
clients, but you can create a manageable number of buckets for client
types, allowing you to craft consistent messaging strategies and manage-
ment styles for the clients falling into each bucket. This may take some
time to create, but it will more than make up for itself in time savings
later on.
Client Type Description Remedy
The “Felix Unger” Otherwise known as the Howard Hugheses, these clients are Establish boundaries and gently, but firmly, communicate
characterized by their constant obsessive-compulsive behavior. limitations. Make sure to be professional and consistent in your
They never will be satisfied, are constantly prodding you for delivery of service and expertise. They will tend to jump on
information (many times, for unnecessary data and details). any error or inconsistency, whether routine or trivial, or of true
They may ask irrelevant questions and make unusually elaborate substance.
demands.
The “Jim Jones” Also known as The Control Freak, this type of client is relentless Politely explain how this level of interference is counterproductive.
in imposing his will upon you. Expect this client to seek to micro- Emphasize that you are an experienced, highly trained professional.
manage as many aspects of your relationship as possible, often Mention that his actions are hindering your ability to perform
requiring you to seek his input and approval before making any your duties on his behalf and therefore he may have to accept
decision. accountability should performance falter. Put the burden on this
kind of client if they are, in fact, directly contributing to the
diminution of their portfolio. They respect strength and directness.
The “Taxi Driver” Also known as the borderline paranoid schizophrenic via Robert De Stick to the facts. Provide independent research that includes facts
Niro’s classic performance, this client is constantly questioning and figures, with attribution, to help dispel this client’s concerns.
results, spewing thinly veiled accusations, or spinning conspiracy Provide relatable anecdotal and broader-trend information that
theories. The focus of this client’s fears may be you or it may be emphasizes that this client is not alone in the impact he or she is
market forces aligning to destroy him. feeling. Indulge your fantasy of suggesting to him that he should
dose himself heavily with a very potent SSRI. No client can read
your mind.
(continued)
13
14
The “One-Upper” You know the type. No matter what you say, he will go one Compliment him on his amazing success, but do not be overly flat-
better on you. No matter how you perform or what the returns tering. Accept the inevitability that there are just some people you
are on his investment, it will always pale in comparison to this will not be able to impress. Regardless of what this client says, many
client’s previous experiences, and to the experience of his myriad times he may actually be satisfied with your services. Be patient
sophisticated, prosperous friends and acquaintances. with his behavior, which is essentially a social-coping mechanism
for masking inferiority. Remain consistent in your delivery.
“Mr. Perfect” Also known as The Narcissist, Mr. Perfect is anything but. He has Since this client so desperately expects to be recognized as superior,
an overinflated sense of self-importance, as he exaggerates his ac- would it hurt for you to be accommodating? It should not matter
complishments and embellishes his abilities, while diminishing his that this client never actually climbed his mountains. Your role
shortcomings and blatant inadequacies. Depending on whether or as a service provider requires you seek to appease and please,
not this client is actually clinically narcissistic or simply annoyingly though in a cordial and professional manner that is not deceptive,
obnoxious, he may be preoccupied with fantasies of boundless suc- detrimental, or overly fawning.
cess, power, and potency. He is a hot shot; embrace this diagnosis,
do not fight it.
The “Diva” No matter what you do, nothing ever seems to impress this client. You will likely establish some solid, lifelong bonds with your clients,
He or she expects deferential treatment (of course they would), but you did not get into this business to make friends. You are in
yet is rarely willing to show gratitude. This client may be arrogant, this business to make money and grow your clients’ portfolios. It
obnoxious, and imperious. would be nice if everyone appreciated your hard work. However,
unless you have emotional support written into the client-service
agreement, you are literally only entitled to monetary rewards,
while the other side is entitled to feel entitled. Service means
you are there to serve. Accept your subordinate role, but fully
understand that never should it give your client the right to be
abusive or demeaning.
“Passive/ You know the drill. The client requests guidance on a particular Try to spend a bit more time in discussion, being inquisitive in
Aggressive” investment, then gleefully shreds your advice. He knew what he order to ascertain his intentions. Think things through when re-
wanted all along, but would rather toy with your time. Although sponding to requests, and invest the time to envision ways of over-
he may express interest in certain ideas, he will likely not take your coming potential objections. Keep your expectations of glory, fame,
advice. and money in check.
The “Family Just as it sounds, this is a client who is in some way related to you Politely, yet clearly establish boundaries by explaining the
Friend” and will seek to exploit that tie to obtain preferential treatment. professional and legal liability you face by treating your clients
This client may also forgo the appearance of professionalism and differently and extending unusual access. Offer examples of cases
revert to just the type of abusive and annoying treatment that where prosecuted brokers and, more importantly in this instance,
encourage some of us to skip family reunions. Remember, certain their clients were severely punished for such actions. If all else fails,
12-step groups swear that 96% of the families in this country are call your mother or his or her mother to straighten him or her out.
dysfunctional, and that the other 4% are lying.
“Bernie Madoff” You know this creep. He seems like he is reputable. He passed Trust your instincts. Make sure you have a fully documented,
the background check. His references work out. Still, there is definitive evidence trail on every aspect of your relationship.
something definitely shady about this character. Bernie was in fact Contact your legal department and go on record regarding your
known as “Shaddy Maddy” in summer camp as a youngster. You concerns. Do not make any unsubstantiated accusations, but take
cannot quite put your finger on it, but something about this client is extra-special care. Extricate yourself from the relationship before
not right. Oh, but he dazzles and impresses, to be sure. the fan starts spinning very fast.
“Harry the There is a difference between appreciating the value of the dollar In all likelihood, this client was previously able to scheme his way
Haggler” and obsessing over it. This client has a limited perspective and is into great savings and is thus incentivized to duplicate this strategy.
constantly complaining about overvaluing. This client is cheap and Remain vigilant and consistent in your behavior, and provide com-
manipulative, and generally feels entitled to special treatment and parative, attributable third-party sources to support your valuations.
attention.
15
(continued)
16
The “MacGyver” This client is an endless bundle of energy and ideas, constantly Be willing to apply different strategies, yet also effectively level
coming up with new strategies and techniques he wants you set with the client in order to understand boundaries, rules and
to apply. He has that entrepreneurial spirit, but may get a bit regulations, and expectations.
distracted trying to catch the latest wave.
“Pamela Andersen” Also known as The Bombshell, he or she strolls into your office If you cannot force yourself to think objectively, seek the
one day and simply steals your breath away. Subconsciously, you perspective of a close confidant. Beware to whom you confide your
are enamored with this client and, as time goes by, your obsession infatuation. Avoid placing yourself in a compromising situation,
intensifies, affecting your decision-making processes, usually not to and do not do anything that could be even remotely perceived as
your advantage. an advance, as you run the risk of exposure to sexual-harassment
litigation. If the obsession persists, you likely will need to end this
professional relationship, especially if you want to enter into a
personal liaison with that client.
The “Complete No matter how specific you are, there are some people who will lack If this is a recurring client type, develop informative tools and
Idiot” the sophistication or knowledge base to truly grasp the complexity, documentation that will help bridge the knowledge gap. To
and at times, even the simplicity of what it is that you do. The protect yourself, establish firm processes for establishing evidence
client can be unapproachable, unintelligent, insensitive, vulgar, for transactions, and explain these techniques in order to prevent
tasteless, obnoxious, ignorant, and so forth, and so on. disputes later on.
Client Types
A heck of a group, no doubt, but this is our lot. It is what we must deal
with and manage effectively. It is certainly not boring, and it is the real
deal. To think otherwise is to be naïve. Gyroscope tactics require proper
management of this character pool.
Legal Liability Protection Action Plan

Life on Wall Street is precarious. Consider the example of one of my more
affable clients. He is only 25, but clearly has a talent for trading and is
on track to make nearly a million dollars this year in total compensation.
He commutes from Stamford to Zurich and leads quite an exhilarating
lifestyle.
He is madly in love with a woman who lives in New York City.
During our sessions, he constantly brags playfully about her cosmetic
body enhancements and their insatiable lust for each other. He has a
peculiar exhibitionist tendency, manifested in his insistence on engag-
ing in sexual relations in her room, at home, when they visit her mother,
who is divorced. As he tells it, they just go at it all night long, torturing
the poor woman. Apparently, they are not very good at muffling the
inevitable sounds. They are equally selfish, overly hormonal, narcissistic
sex fiends.
Unfortunately, my client has also been placed in an oppressively awk-
ward position by one of his superiors, asking him to “slow down” trades
by microseconds at key junctures so as to enable his boss to manipulate
accounts. My client has reluctantly acquiesced—in order to keep his po-
sition and related lifestyle. The risk is minimal, but he knows that, if
discovered, he would face dire consequences.
As a result, he is suffering bouts of severe anxiety as he wrestles with
his selfish desire to preserve his current lifestyle, knowing full well that
his actions are in direct violation of the Street’s ethics and his fiduciary
responsibility. If he blows the whistle, he likely will destroy his career, or
at least be branded a whistleblower and most likely ostracized from the
Street. If he does not find a way out of this dilemma, he will likely face
legal action, lose his licenses, or worse. Sometimes, doing the right thing
is not that simple, and certainly not at all easy.
How to Say Something When You See Something
Borrowing a phrase from the New York City Transit Authority, “You
need to know how to say something when you see something.” At vari-
ous points in your career, you will undoubtedly be confronted by the
unethical, perhaps even illegal, actions of others. In some instances, the
malfeasances you uncover or witness may be committed by superiors in
either middle or upper management.
These cases, while they may not represent a moral dilemma, may cer-
tainly pose a substantial professional risk. Still, it is your professional and
moral responsibility to find a reasonable way to report these situations.
By not reporting them, you are accepting the consequences not only for
others, but also for yourself.
As per the terms of the agreement you signed with your employer
when hired, you are more than likely required to report any malfeasance.
This is because of the applicable vicarious-liability statutes, as per which
an employer is responsible for the actions of its employees. In other words,
if it can be established that you looked the other way while a crime was
being committed, your employer could be held liable for your negligent
actions, even if you or the employer are not directly responsible for the
actual crime.
Vicarious liability is challenging to prove, but the situation would still
threaten your job and reputation. Moreover, depending upon the severity
of the consequences, you would likely experience feelings of anxiety, fear,
guilt, remorse, and a host of other emotions. The psychological ramifica-
tions could be far reaching.
If you do witness a crime in the workplace, do not allow yourself to
become embroiled in the aftermath. Keep in mind that whistleblowers
are rarely ever rewarded, and often stigmatized. While reporting a crime
may be the right thing to do, allowing you to avoid debilitating guilt
and remorse, if you lose your job or if you are vilified in the workplace,
you may be essentially trading one set of psychological consequences for
another. That is why I recommend that before you do act, think through
all potential outcomes and refer to the Legal Liability Protection Action
Plan. A simple anonymous report can relieve you of your professional and
psychological burdens. Here are some guidelines:
Seek Legal Counsel
Your attorney can provide you with confidential advice on measures

you can take to limit your liability. In the event you do provide an
anonymous report, it is important to somehow establish yourself as hav-
ing made it, to prevent any liability later on with regard to vicarious-
liability suits.
Do Not Use Your Own Phone
Whether you are anonymously phoning your claim in to your employer,

the police, or a regulatory agency, understand that if you use your home
phone, work phone, or mobile phone, the call may be traced back to you.
Use a prepaid phone card. Make sure to pay for the phone card in cash
and also know that there may be public surveillance cameras watching.
Depending upon the severity of the crime, police may escalate the search
for witnesses.
Use E-Mail, but Not Your E-Mail
Open a Yahoo or Gmail account and, using an anonymous proxy site,

send an e-mail detailing the facts, as well as explaining your insistence on
remaining anonymous.
Write a Letter
Send a simple anonymous letter, on untraceable standard stationary,

with no return address. It is not enough to be right. You need to
protect yourself and your interests. And do not expect immediate ac-
tion. Just ask Harry Markopolos. He gained fame as a financial fraud
investigator who uncovered and repeatedly alerted the U.S. Securi-
ties & Exchange Commission (SEC) about the estimated $18 billion
Ponzi scheme perpetrated by Bernard Madoff. He went to the SEC
repeatedly.
Subsequent to the unmasking of Madoff, Markopolos was a popular
media source, as much for his intimate association with the Madoff scam,
as for his merciless excoriation of the SEC. In March 2010, he also pub-
lished a best seller, No One Would Listen: A True Financial Thriller, ghost-
written by David Fisher. Whistleblowing helped advance Markopolo’s
career as a financial investigator, but not every potential whistleblower is
a financial investigator, and not everyone will emerge from the experience
with his prospects improved.
What is perhaps most striking in the context of our exploration of the
consequences of whistleblowing is that Markopolos did not actually bring
down Madoff. Despite nearly 9 years of the SEC being tipped off, Madoff
was miraculously able to further his scheme. It actually took the unrav-
eling of the market, when many unsuspecting Madoff investors began
requesting to pull money out that his scam collapsed.
In another highly publicized case, Lehman Brothers fired Mathew Lee
just weeks after he raised concerns about the securities firm’s accounting
in 2008. According to a Wall Street Journal report:1
Matthew Lee, a 14-year Lehman veteran, was let go in late June

2008 amid steep losses at the firm, as it tried to maneuver through
the global financial crisis. Earlier that month, he had raised con-
cerns with Lehman’s auditor, Ernst & Young, that the securities
firm was temporarily moving $50 billion in assets off its balance
sheet. This accounting strategy helped to mask the risks Lehman
was taking amid scrutiny by investors and regulators about the
health of Wall Street firms.
Lehman said at the time it let go Mr. Lee, a senior vice president,
as part of a broader downsizing at the firm, according to people fa-
miliar with the matter. Lehman filed for bankruptcy in September
2008, and its assets were sold off to, among others, Barclays PLC.
A Barclays spokesman declined to comment.
Erwin Shustak, Mr. Lee’s lawyer in San Diego, asserts that “it was
easier to just shut him up and let him go.”
1
M. Corkery. March 16, 2010. “Lehman Whistle-Blower’s Fate: Fired.” Wall Street
Journal.
Always Seek Legal Advice
In most instances, the internal whistleblower assumes great risk to report

a fraud or misdeed. In the United States, legal protections vary based on
the nature of the whistleblowing, and different states have various levels
of protection against retaliation. The 2002 Sarbanes-Oxley Act reinforced
this approach, as the Senate Judiciary Committee found that whistle-
blower protections were dependent on the “patchwork and vagaries” of
varying state statutes.
Still, a range of federal and state laws protect employees who have
the courage to sound the alarm when they see misdeeds or refuse to obey
unlawful directions. Legal advice can help you position yourself to avoid
long-term consequences.
A safety-minded Gyroscope has access to an esquire in its guidance-system

compartment. Good lawyers are gems; at the very least—diamonds in
the rough. They’re hard to find, so if you’ve got one, keep him.
Relationship Management Strategy

(an Equilibrium-Based
Approach)
Discipline and consistency in the way in which we interact with others
is a key component of The Wall Street Psychologist’s Gyroscope. Poorly
managed relationships are the root of many psychological ailments. They
lead to resentment, repression, depression, suspicion, and many other is-
sues that weigh heavily on our psyche.
One way to improve your interactions and minimize related issues is
to formulate an overall Relationship Management Strategy. This is simply
adhering to a series of best practices across all of your personal and pro-
fessional relationships. Competitive and adversarial relationships require
varying approaches. However, for positive relationships that you want
to nurture, I recommend starting with a foundation based upon Nash
Equilibrium.
John Forbes Nash, Jr. is a brilliant American mathematician whose
groundbreaking works in game theory, differential geometry, and par-
tial differential equations have given us a better understanding of how
the element of chance affects our everyday life—among his many other
contributions.
Nash Equilibrium is a fundamental component of Nash’s overall Game
Theory premises. Nash Equilibrium is a series of strategies where each player
does not have an incentive to unilaterally alter his or her actions in the game.
Players are deemed in equilibrium if an alteration in strategy by one player
prompts an equal reaction. Basically, no one player has anything to gain by
changing only his or her own strategy unilaterally. Again, in competitive or
adversarial relationships, Nash Equilibrium may not be applicable.
My premise is to apply this theory to the way in which we manage
our positive relationships to enable us to achieve harmony. In a positive
relationship, what is good for one person (the client, the colleague, the
partner, etc.) also has to be good for the self, and hence the relationship as
a whole. This type of arrangement will bind, bond, and maintain stability
in the relationship.
Both parties have to be warm and happy, and on the same mission trajec-
tory. Inequality, asymmetry, hidden agendas, and resentment will only poison
the process. Bottom-line: “It’s got to be good for you, and for me; then it can
be good for us.” The relationship is indeed more than the sum of its parts.
To achieve this harmony requires such things as virtue of intentions,
integrity of actions, and exercise of fiduciary responsibility as the internal
dynamics of a sound relationship, which in turn fuel the inner Wall Street
Psychologist’s Gyroscope.
Making the Right Connections to Communicate Your Inner Value
One hallmark of an underdeveloped relationship with a client or a col-

league is that that person does not have an appreciation for you as an
individual. Rather, you are viewed as a point-of-service contact, and in-
terchangeable resource.
Therefore, you need to invest the time and energy to inhabit the re-
lationship, introducing techniques that draw your client or colleague to
you in a more personal way. Never underestimate the importance of em-
pathy. Never minimize or derogate your clients’ concerns, interests, and
anxieties. Always respond in a way that indicates you take what they say
seriously even if you do not like it.
You must be able to listen to your client’s grievances. This is an ab-

solutely essential feature of The Wall Street Psychologist’s Gyroscope. By
virtue of this alone, bonding and respect are promoted. By listening to
grievances, you inspire the partnership that you and your client are build-
ing. Avoiding or denying grievances is a sure way to promote alienation
which signals the demise of relationships.
Try not to use trite excuses, like: “I don’t have a crystal ball!” This type
of phraseology reflects hostility and insecurity on your part. It will pro-
mote a lack of confidence, pain, anger, and ultimately loathing by your
client. You are the expert and as such you are required to deal with your
clients rationally, logically, and even emotionally if so indicated. FPs must
always have education, informed opinions. If you need help, bring in a
qualified, mutually trusted third party.
Sometimes taking a client out to lunch or dinner provides the perfect
opportunity for humanizing each of you and discussing what both parties
want out of the relationship in a more relaxed setting. Social interaction
can also increase mutual respect. Share some aspects of your life with your
clients: talk about your spouse and children, or your partner, and your
hobbies, interests, passions.
Assert your sense of humor—as well as your integrity and values.
Allow your clients their idiosyncrasies and insanities. And above all: do
not take it personally when one of them leaves you “prematurely.”
Also ensure that your client understands you don’t work for free—
just like he doesn’t in his job. It is important for everyone to bear
in mind that clients have the freedom to choose their FP, as well
as to disengage. Conversely, the FP broker may resign from the
relationship if he feels the fit is mutually unproductive.
Become a Full-Service Service Provider
Think of yourself not just as a trader, investment advisor, or financial

consultant, but as a “comprehensive financial services management pro-
fessional.” Quite an extravagant handle, I’d say.
Most Wall Street firms encourage their FPs to become adept and com-
petent in other areas: insurance, fixed income products, wealth manage-
ment strategies, college fund-accrual advisors, mutual fund placement
consultants, “wealth managers,” pension consultants, fixed income spe-

cialists, and so forth and so on. As an aside, one just has to love the styling
of some of Wall Street’s slogans: “wealth manager, private client, Merrill
Lynch is bullish on America, Capitalist Tool, the Citi never sleeps.”
Edward Bernays really started something, didn’t he?
So, expand your capabilities and financial repertoire: take courses, get
credentialed and add letters to your business card—the more skills you
have, the larger your knowledge base and your prospective client base.
Never underestimate “impression management.” Adding new skills to
your existing set can also help you avoid the sneaking feeling that “no-
body needs me.” Your mission is to make yourself indispensable, valuable,
and trusted.
Another key component of The Wall Street Psychologist’s Gyroscope
is the ability to understand the nuances of the relational dynamics be-
tween you and your clients. In that dynamic, the more successful financial
professional will embrace the spirit of the service provider role, under-
standing it is a key position to assume to nurture the business relationship.
The FP must also accept (or at least know how to cope with) his cli-
ent’s idiosyncrasies. “Accommodating” a client’s ego, excusing his or her
exaggerations and bragging, are all part of managing a business relation-
ship. This is not a recommendation to be overly servile or insincerely
sycophantic.
Rather, it is encouragement to make the accommodations and strive
to achieve a level of professionalism that sets the FP apart from competi-
tors. Whether or not the FP is actually performing the services, or assign-
ing resources to perform the services, is beside the point.
Sacrificing your ego for the sake of professionalism can enable you
to be effective. After all, when you are above reproach and have acted in
good faith, the onus, in your mind, is on your irrational client. This is
an important concept, because dealing with clients that are difficult and
unreasonable is part of the job. Obviously, being able to cope better in
such situations has its benefits.
For instance, in sessions with my clients, I hear constantly how many
clients feel their broker can never do well enough for them, especially if
they are “comparing notes” with friends who claim to be doing better.
Consider the relational dynamic here. The client feels entitled to be

demanding, perhaps to the point of being abusive, depending upon the
personality tendencies of the client. From the perspective of the client,
this empowerment is rooted in the core driver in the relationship: Money.
Now, consider that should the sole driver for the FP, or service-provider,
not be money, but rather be an aspiration to professionalism—in the
form of exceptional service—the relational dynamic shifts. The subordi-
nate role, the FP, who has less power over the dynamic, has a gyroscope
that places a higher value on service rather than simply on financial per-
formance. If the service, integrity and virtue are there the money will
follow, sometimes beyond one’s expectations.
In many instances, market fluctuations and other uncertainties may
have more to do with financial performance than actual trading or man-
agement acumen. However, there is less uncertainty in delivering consis-
tently high-quality service.
Therefore, the FP is supplanting greed with virtue, a core concept for
The Wall Street Psychologist’s Gyroscope. You can never remove money
from the equation. However, by focusing more on virtue, integrity, and
your professional development you create a path to fulfillment.
Again, your integrity enables you to better withstand the withering
barrage of lies and insults you undoubtedly will be bombarded with by
certain clients. Some of my clients are absolutely convinced that most
clients lie about money and their market gains to inflate their egos, if not
feed their insatiable narcissism.
Granted, some of these clients are insatiable narcissists themselves. I
tend to avoid the finger-pointing, which is inevitably useless. I instead
try to show them coping techniques, to enable them to rise above the
situation, adhere more closely to their integrity, and stay the course. After
all, it is so very hard to decipher what reality is, and even if you have that
clarity, do not expect to see it in others, unless it serves their purpose.
For your gyroscope to function properly, it is essential to be able to
honestly self-assess your performance and not derive value in the judg-
ments of others. This is an important concept, because most people will
say they do not measure themselves in the reflections of others, but be-
come irate at criticism.
The unfortunate reality is that many clients are simply ingrates and
obnoxious—some, though, much more than others. And others are ter-
rific, warm, kind, bright, loyal people who deeply appreciate your efforts
on their behalf.
I remember one particularly exasperated client who told me about
one of her own clients who had a $2 million-dollar port but who kept
making ludicrous comparisons between the broker and a wealthy bil-
lionaire, who averaged higher annual gains. For instance, the client
would make derogatory comments about the broker’s trading skills and
make snide comments, such as complaining that a $10,000 investment
with this billionaire would have grown to $80 million during that time
frame.
We dissected and analyzed the character and personality of the client
and concluded that he was passive aggressive and sadistic. More impor-
tantly, we then developed management techniques to handle this, which
consisted of healthy distance, avoidance, and minimal contact. It ap-
peared that this was enough to “discipline” this client who then sobered
up and became more respectful and easier to manage.
It is your responsibility to demonstrate to your clients why they need
you. Educating yourself so that in time you can honestly, confidently,
and creatively design and oversee a client’s entire financial universe is a
great place to start. Good FPs are, by definition, the true masters of the
universe, and not scam artists or Ponzi schemers. They are the real deal:
committed and heroic. They are caught in the storm of the markets which
is all the more reason why their gyroscopes might be tight, fit, true, and
genuine.
Customize investment allocations and goals. Everyone knows that a
portfolio should be smartly allocated so as to protect its owner against
the typical patterns of market volatility (e.g., inflation). Truly excellent
financial professionals establish sounder and longer-term relationships
with their clients by customizing each and every client’s allocations
based on that client’s particular risk tolerance or aversions, asset base,
and age.
For example: a retired person is better off with tax-exempt invest-
ments that throw off a fixed income, rather than aggressive growth funds.
There is no one-size-fits-all in financial management. Your clients will
appreciate you much more if you take the time to understand their needs,
resources, and goals comprehensively and tailor a flexible model on their
behalf.
Relationship Management Strategies
Once you have an appreciation of Nash Equilibrium and how to apply

it to nurturing your positive relationships, investing the time and effort
to develop a more structured, psychologically oriented approach to client
relationship management can yield big dividends.
Also, be practical and think scalable. It is not reasonable to think you
will be able to invest an inordinate amount of time on each relationship.
Think of how you can replicate certain conversations or e-mails to apply
to groups of people, separately or collectively. Establish a set of manda-
tory best practices subordinates must follow.
Start by envisioning your client base and anticipating what types of
needs you can fulfill for your people. This planning serves as the genesis
for your own support network. Such a strategy facilitates both profes-
sional success and psychological health—two elements of your life that
are not always in harmony.
Establishing such a strategy and actually building up your support
network increases your ability to increase satisfaction, and to some extent
minimize negative exchanges and confrontations. It also makes you better
equipped to address situations, alleviating stress and anxiety. Here are just
a few components of such a strategy:
Cultivate a Referral Network
In areas wherein, for whatever reason, you cannot become an expert,

identify experts whom you admire and trust to serve your clients honestly
and effectively. Create your own network of accountants, estate lawyers,
insurance specialists (for products you do not represent), real estate pro-
fessionals, business and tax lawyers, and so forth and so on.
If you can direct your clients to other professionals, you will be per-
ceived as an expert yourself and also as having all your client’s needs in
mind and wanting to help however you can. You will also gain the respect
of the specialists to whom you refer clients, and eventually you will be-
come a referral yourself.
Keep Educating Yourself
Learn some basic historical knowledge of banking history, economic

theory, and trivia. Pithy quotations can be comforting, entertaining, and
anchoring for your clients, as they frequently reflect what others have
already been through. Not only will intellectual context help you put
your job into perspective, it will also help you forge good relationships
with your clients, who will enjoy conversing with you about the history
and culture of your mutual financial interests and they will be dazzled
by your command of information beyond the usual facts and figures.
Good theory and knowledge beget good and knowledgeable practice. Cli-
ents always admire and enjoy well demonstrated charisma. They like FPs
with brains and abundant skill sets and knowledge bases. It’s just human
nature.
Communicate More Effectively
Create regular fact sheets for your clients, so that they remain “in the
loop” on current financial topics. Walk them through the workings
and tendencies of the market step by step. Never assume you have been
understood—give your clients the opportunity to ask questions. Be a cli-
ent teacher, but never condescending. Indulge their curiosity. If the in-
formation you offer is accurate, well-presented, and timely, it will create
appreciation and genuine trust.
Sense Your Clients’ Feelings
Work on understanding your countertransference feelings (what you

project onto your clients) about your clients and try to liberate your-
self from them. Clients are people too. Countertransference refers to the
feelings we have for other people, and how these feelings stimulate us
to behave. Often these feelings are negative ones: resentment, jealousy,
envy, and anger at feeling victimized and controlled. The FP must work
through this by acting as if he or she is involved in a therapeutic alliance

with the client—an alliance geared solely to creating wealth for the client,
managing the client’s assets, and achieving the client’s goals.
One way to manage countertransference feelings is to depersonalize
them. For example, if you find yourself resentful of a client because he
or she never returns your calls, you can drain off some of this negative
feeling by having your sales assistant call the client on a weekly basis
and pass the phone to you when he finally does answer: simple “tricks
of the trade.”
Act As If Again
Even when the going gets tough, do not allow your clients to drag you
down into an abyss of panic and gloom. To a responsible and reasonable
degree, act as if everything will be fine—and more of it will be. For in-
stance, do your research and provide a comprehensive view of the entire
issue. The client may only be aware of the most dramatic elements. Put
the situation into historical context. See what other people are saying,
including analyst and media coverage. Make sure to be responsive to all
concerns and recommend a course of action. Convey an air of confidence
so that he reassures the client that you will both work together through
the crisis.
Always Conduct Yourself with Integrity
Anticipating untrustworthy behavior from your clients is good and

self-protective to an extent, but your most reliable power will come from
being good yourself: behaving with integrity and in a way of which you
can feel proud.
Always Gather Assets
The smart FP is always farming his prospects: pursuing new relationships

in social situations, family situations, community organizations, and
other business relationships in order to establish a large prospective client
base from which to be hired to manage other people’s money.
Be Selective
Try to gain a clear sense of what kinds of people you work well with
and target those people. Do you work well with older people, men,
women, small business owners, executives, technology aficionados, ag-
gressive investors—or risk-averse clients? If you can be self-aware in
this way and harness your own personality, interests, and interpersonal
strengths, you can develop your own specialty niche, dealing with the
clients and interests you enjoy. Chances are your days will be increas-
ingly filled with more gratifying dealings and positive emotions. Never
forget that you bring yourself as a person to the job, your life history
and background, your likes and dislikes, your skills and talents, your
liabilities and vulnerabilities.
These are only some recommended tactics for developing an effec-
tive Relationship Management Strategy. You need to do an assessment
to see whether or not the issues you have in your life are the result of
factors beyond your control, or due to personality conflicts, suspicions,
or perceived slights. Ultimately, you may not be able to do much about
competitive and adversarial relationships, but you can improve the way in
which you interact with the people you share the trenches with.
Reputation-Protection Strategy
Despite the old adage, there certainly is such a thing as bad publicity es-
pecially today in the Internet age. Before you hit that send key, remember
that whatever you post online will likely help define you indefinitely.
For instance, 45 percent of employers reported in a recent Career-
Builder survey that they use social networking sites to research job can-
didates, a big jump from 22 percent last year. Another 11 percent plan
to start using social networking sites for screening. More than 2,600
hiring managers participated in the survey, which was completed in
June 2009.
Of those who conduct online searches/background checks of job can-
didates, 29 percent use Facebook, 26 percent use LinkedIn and 21 percent
use MySpace. One in ten (10 percent) search blogs while 7 percent follow
candidates on Twitter.
What Will You Find When You Google Yourself?
And over half have decided not to hire someone based on what they
found. Here are just some of the things that may be discovered online:
• Lies or exaggerations regarding qualifications and accomplishments

• Guilt by association with disreputable sites or organizations
• Links to fraudulent or criminal elements
• Pending, ongoing, or completed litigation
• Unfavorable opinions, misrepresentations, or confidential infor-
mation related to previous employers and colleagues
• Indications that the individual abused alcohol or illegal substances
• Provocative or inappropriate photographs
• Demonstrations of poor judgment and short-sightedness
Today, many Human Resources firms are creating “dummy” Face

Book and MySpace accounts, to not only research potential candidates
for hire, but to also monitor current employees. And in an industry that
has elevated due diligence to a science, can you afford to have your repu-
tation compromised? When you Google yourself, what results come up?
Your reputation is the most valuable commodity you possess as a fi-
nancial services professional, whether you are fresh out of business school,
an elite management training program, or a well-bloodied corporate
raider.
Therefore, reputation management, as a discipline, is an important
component of The Wall Street Psychologist’s Gyroscope. And, under-
standing how to leverage available online channels is an essential element
of that reputation management.
Advancing your career and your objectives requires careful cultivation
of your reputation. One effective strategy is to leverage the Internet to
monitor, manage, promote, and protect your reputation.
Social media channels such as (micro) blogging, video and photo
sharing, forums, virtual worlds, opinion markets, and collaboration envi-
ronments represent an opportunity to facilitate conversation and develop
your reputation. Here are some effective strategies to incorporate into
your own.
Run Regular Internet Status Checks
Simply start by entering your name in an Internet search engine. Place

your name in quotation marks to pull a more precise keyword search,
such as “FirstName LastName.” If there is something questionable on
the Internet involving your name, take immediate steps to remedy the
situation. Unfortunately, there is little you can do about negative hits as-
sociated with someone who shares your exact name. However, awareness
can at least prepare you to respond to awkward questions, and adding
online content can help minimize the damage. It is also recommended
that you set up an automatic Google Alert. Google will send you regular
e-mail updates (daily, weekly, or monthly) that itemize new instances of
your name, based on the latest relevant Google results (web, news, etc.)
on your choice of query or topic; in this instance, your name. (www
.google.com/alerts/)
Own Your (Domain) Name
If it is available, purchase your domain name: www.FirstNameLastName

.com. If that name is not available, you should be able to identify the
owner through a simple search on the WhoIs.net database, and perhaps
negotiate the purchase of the domain name. If that is not an option, you
should explore some variation of your name (i.e., FirstName-LastName
.com, FirstName_LastName.com). However, hyphenated domains some-
times do not rank as well for keyword searches.
Launch a Website or Blog
Once you have purchased your domain name, establish a site, which you
can do easily with hosted providers, such as go Daddy (www.godaddy
.com/), Network Solutions (www.networksolutions.com/). Or, download
Word Press blog software for free and start a blog on your new site (http://
wordpress.org/). Try to post an entry at least once per week.
Write at least once a week and remember that what you write will be
read by your professional peers and potential new clients—each blog post
you write is an opportunity to showcase your personality, intelligence, wit,
and your grasp of your chosen profession. You can communicate with
your clients, and send articles and technical data. Having a live site also
encourages communication. Quarterly Internet mailings to your clients is a
powerful tool, and it demonstrates commitment to your field and to your
clients. You can customize and personalize your mailing and track special
interests of any given client. A blog can be a valuable reputation manage-
ment tool if you have good information to share on your blog that is of
interest to clients, colleagues, and prospects. Here are some tips to make
your blog a successful way to generate new interest in you as a professional:
• Offer high-quality free information that is valuable to others

• Post consistently and stick to a set schedule
• Be willing to share a little of your human side, albeit professionally
• Have a point of view and do not be afraid to share it, though
always obtain the Communication Department’s review when you
plan to make your opinions public
• Be patient and give yourself time to establish a rhythm to publish-
ing and gaining a following
• Keep keywords in mind, but do not overemphasize them
• Take time to review and edit your posts before publishing
Because blogging is an ongoing activity with long-term benefits, none

of these tips will individually grab a handful of new clients for you. But if
you make a commitment to your blog and follow it through with a focus
on quality content, you will develop a following.
Great business blogging can add value to your business, create loyal
customers and build trust in potential clients. It can also be an important
linkable resource to reference customer stories, business situations, or logi-
cal discussions. On the other hand, bad business blogging, or inconsistent
business blogging, can have a negative impact on your brand. It is critically
important for you to realize that you are your brand. It is not your company,
or its logo, or the car you drive: it is you. Pure and simple.
Use Your Professional Voice
Though often infused with an individual’s personality and human experi-

ences, your blog should be written using your professional voice and as
such should be edited by the communication department to maintain

consistent style, and grammar.
Be Personal
A funny anecdote or interesting story or picture makes your posts memo-

rable, as long as the story is relevant to the topic of your blog. Injecting a
bit of personality into your writing will help establish yourself as someone
clients can relate to. In doing so you will also be building trust.
Do Not Be too Personal
Do not get into specifics about your family, your relationships, your work
stresses or otherwise delve beneath the surface of your daily life. This is not
only unprofessional but can imbue your blog with a sense of negativity. Keep
your voice positive and stay away from personal issues. Would you be embar-
rassed if the CEO or a principal of the company read your post? If so, rewrite.
Keep Many of Your Personal Opinions and Beliefs to Yourself
Today’s world is increasingly divided along political, religious, philosoph-

ical, and moral lines. Stay away from controversial topics that cross over
those lines, regardless of how strongly you feel about an issue.
Be Objective
Too many business blogs serve as extended advertisements for the company
and little else. It is no wonder that these tend to be unsuccessful. A good
strategy is to take a birds-eye view of the industry you are in while fre-
quently returning to your own business. Objectivity establishes credibility.
Do Not Start What You Cannot Finish
If you start a business blog, you better be prepared to stick with it. A cli-
ent who enjoys your business blog for a month only to watch it fall into
disuse and disrepair will make some powerful assumptions about your
business as a result of this. If you are not absolutely committed to your

business blogging then, simply put, do not start. If you lose your enthu-
siasm at any point, be sure to recruit someone who can keep things afloat
for you. Start off with low expectations (i.e., begin with a monthly post).
The regular nature of content is most important when setting expecta-
tions of followers, though a weekly or daily post will do more to keep a
following close to the issues.
Join Several Free-Article Publisher Websites
There are a number of sites where you can post content to extend your
reputation on the web (i.e., Amazines www.amazines.com/, Buzzle www
.buzzle.com/, Ezine Articles http://ezinearticles.com/, Helium www
.helium.com/). When you do conceive a report or plan to publish some-
thing that demonstrates your prowess, consider posting a related article
on one of these sites.
Respect Copyright, Fair Use, and Financial Disclosure Laws
Do not share confidential or proprietary information. Ask permission to

publish or report on conversations that are meant to be private or internal
to your employer. Do not cite or reference clients, partners or suppliers
without their approval. When you do make a reference, where possible,
link back to the source.
Respect Your Audience
Do not ever use ethnic slurs, personal insults, obscenity, or engage in any
conduct that would not be acceptable in your workplace. You should also
show proper consideration for others privacy and for topics that may be
considered objectionable or inflammatory—such as politics and religion.
Be Transparent
If you comment publicly about any issue in which you are engaged in
your capacity as an employee of your organization, even loosely, you
must make your status as an employee clear. You should also be clear
about whether, in such commentary, you are speaking for yourself
(presumably the normal case) or for your employer. If you have a
vested interest in something you are discussing, be the first to point
it out.
Be Judicious
Make sure your efforts to be transparent do not violate your employ-

er’s privacy, confidentiality, and legal guidelines for external commercial
speech. All statements must be true and not misleading and all claims
must be substantiated and approved. Never comment on anything related
to legal matters. If you want to write about the competition, make sure
you know what you are talking about and that you have the appropriate
written permission. Also be smart about protecting yourself, your privacy,
and confidential information.
Write What You Know
Make sure you write and post about your areas of expertise. If you are
writing about a topic that your employer is involved with but you are
not the expert on the topic, you should make this clear to your readers.
And write in the first person. If you publish to a website outside your
employer, use a disclaimer something like this: “The postings on this site
are my own and don’t necessarily represent _____’ positions, strategies,
or opinions.”
It Is a Conversation
Talk to your readers like you would talk to real people in professional
situations. In other words, avoid overly pedantic or “composed” language.
Do not be afraid to bring in your own personality and say what is on your
mind. Consider content that is open-ended and invites response. Encour-
age comments. You can also broaden the conversation by citing others
who are blogging about the same topic and allowing your content to be
shared or syndicated.
Be a Leader
Do not denigrate your competitors. Nor do you need to respond to every

criticism or barb. Try to frame what you write to invite differing points
of view without inflaming others. Some topics—such as politics or reli-
gion—should not be discussed. So be careful and considerate. When you
see misrepresentations made about your employer by media, analysts or
by other bloggers, you may certainly use your blog—or join someone
else’s, to point that out. Always do so with respect, stick to the facts and
identify your appropriate affiliation to your employer. Also, if you speak
about a competitor, you must make sure that what you say is factual and
that it does not disparage the competitor. Avoid unnecessary or unpro-
ductive arguments.
Own up When You Screw up
If you make a mistake, admit it. Be upfront and be quick with your cor-
rection. If you are posting to a blog, you may choose to modify an earlier
post—just make it clear that you have done so. If you are about to publish
something that makes you even the slightest bit uncomfortable, do not
shrug it off and hit “send.” Take a minute to review these guidelines and
try to figure out what is bothering you, then fix it. If you are still unsure,
you might want to discuss it with your manager or legal representative.
Join Social Media Sites, but Be Cautious
Chances are you may already belong to some form of Social Network.
Try to minimize the use of Social Media for personal means and focus
your online persona as the best possible reflection of your reputation. Top
recommendations include:
LinkedIn (www.linkedin.com/),
Twitter (http://twitter.com/),
Naymz (www.naymz.com/),
Delicious (http://delicious.com/),
Technorati (http://technorati.com/), and others.
When you are trying to build search engine results for your name,
each site you join must be joined under your real name.
Other sites you should consider joining include:
Digg (http://digg.com/),
Reddit (www.reddit.com/),
Propeller (www.propeller.com/), and
Facebook (www.facebook.com/).
Be Careful with Photos
Photos are perhaps the most damaging piece of online evidence that can
be posted, especially as they can be subject to misinterpretation.
Now what is this all about? It is about reputation and image/impression
management.
It is about taking good care of yourself, and making sure that you
protect one of your most important assets: your reputation. Reputation
is how the world, your colleagues, and your clients know and ultimately
trust you. A painful analogy from law is applicable here. When testifying
under oath, one can “speak the truth” 999 times, and lie only once. And
then it is over. Your credibility evaporates.
Clever, righteous, smart cross examiners then have the legal and moral
right to invalidate all of the rest of your testimony in spite of its veracity.
The world knows you by your reputation, your own brand. Reputation and
trust interweave, and are bonded and etched on the collective conscious of
all people. Your reputation encapsulates your character, your history, your
skill sets, and your motives. Never underestimate it. The brand is you.
Success Benchmarking
How do you define success?
I am often surprised at how many of my clients really do not have
a well-defined image of what success means to them. Their concept of
success—not abstract success, but the type of real success that imbues
you with a deep sense of self-satisfaction—is often vague or nonexistent.
Other times, my clients have a vague, undefined idea of what success
means to them in one aspect of their lives, but are totally clueless when it
comes to other parts of their life.
Whether it is career advancement, raising your children, your rela-
tionship with your spouse/significant other, or any other parts of your
life, not knowing where you stand means you are destined to fall. Psycho-
logically, not knowing how far away the finish line is makes the race so
much harder to run. Not being able to personally appreciate your success
can lead to dangerous and self-destructive behavior.
I have a remarkable client who on the surface is as aggressive and
successful as you will find on Wall Street. She is a bond trader at a major
investment house that literally has swings of making/losing hundreds of
millions of dollars per day. She is super aggressive and borderline narcis-
sistic when it comes to her sense of self, and she is obsessed and in awe of
old Carnegie Hill/Southampton money.
She is aggressively homosexual and she seduced and won a lover of
like persuasion to partner with (main lure of target lover was her “old
money” background rooted in Carnegie Hill and Southampton). She
drinks excessively and has a severe substance abuse problem, cocaine,
which she has remarkably been able to confine to Friday and Saturday
night usage. She has a voracious sexual appetite and engages in unhealthy
sexual activities, including orgies, while also hustling men, whom she de-
spises, in Upper East Side bars posing as a straight siren right out of Greek
mythology.
Despite her outward behavior, in the confines of our sessions, she
sheds the façade and admits to low-grade chronic depression. This stems
from major self-esteem and sense of self issues. She hates being out of
control and never feels good enough or worthy enough despite massive
financial and artistic achievements. She is gifted in journal writing. She
writes every day. She has tons of excellent material, some of which she has
graciously shared with me.
She is unable to reconcile her achievements and success with her sense
of self, to the point where she is such a miserably unhappy person who
finally had to go on psychotropic pharmaceuticals. She was also able to
detox as an outclient. She has finally made a deep commitment to treat-
ment after scamming, conning, avoiding, dancing, running, and hiding
for far too long and living in fear and pain for so long.
Compensation Is Not the Only Benchmark for Success
If you are like most Wall Street professionals, too much of your definition
of success is measured and mired in money. Success has many mean-
ings and nuances. An individual who thinks only of success in terms of
financial accomplishments and milestones is destined to think and ulti-
mately exist in limited ways. This world view can keep you locked in an
endless mission taking other people’s financial inventories as well as your
own. Taking financial inventory refers to your assessment of another per-
son’s true value as a function of their net worth rather than their inherent
value as a person with a variety of skills, talents, capacities, and delightful
idiosyncrasies. If you buy into this value system and world view, then
you have to come to terms with the fact that others will only judge your
“human worth” by your portfolio. This is a quid pro quo relational dy-
namic you may want to avoid.
You see, the more successful you become, the more discerning you
become. You do not focus on the 99 percent of people in your life you
have surpassed financially. Instead, you are destined to obsess about the
1 percent of those whom you have not trumped yet. A lot can be lost
in the shuffle. The other trap is that an increase in your asset base may
increase your sense of superiority and righteousness. All of this lays fertile
groundwork for pathological narcissism.
Coming to the realization that you need not define your worth strictly
in terms of money can be quite difficult because so much of their lives are
measured, dictated, and controlled in financial terms.
Visualize Your Benchmarks for Success
I am clearly a proponent of lists and self-assessment techniques. The pro-

cess of self-evaluating and goal specification is something that evolves as
you build your gyroscope. Our expectations of ourselves change as we
proceed through life and sometimes we neglect to take stock in where we
are versus where we want to be.
When we eventually climb the peaks that we had set our sights on so
long ago, we need to gain the proper perspective and also find new chal-
lenges. We can become jaded, we can minimize our accomplishments,
and we can forget to chart a course to fulfillment. However, periodic
righting of ourselves is essential to maintain our gyroscope in which our

hearts, minds, and soul can travel safely.
When you do not consciously visualize what will make you truly
happy, how can you ever be truly happy? I recommend not only forc-
ing upon yourself such a realization, but to do so in a way that also in-
volves assessing other areas in your life where you have excelled. These
can include:
• Academic Achievements/Alumni Involvement

• Artistic/Creative Accomplishments
• Community Involvement
• Intellectual Accomplishments
• Membership and Standing in Organizations
• Relationships with Children
• Relationship with Colleagues
• Relationships with Friends
• Relationship with Parents
• Relationship with Spouse
• Relationship with Yourself (self-image/self-respect)
• Personal and Emotional Growth
• Professional Reputation and Legacy (nonmonetary/monetary)
• Professional Compensation
• Philanthropic Endeavors
Select one category that you feel comfortable exploring and write
down some achievable goals. Make them reasonable and set deadlines
that are within reach. Think about the obstacles you will face. As you
become more comfortable with this technique, expand the scope of your
personal goal-setting. You are visualizing your success and participating
more actively in your quest for fulfillment.
Setting Yourself up to Succeed
Hopefully, the technique described in the last paragraph will enable you
to better identify your real goals. However, as with any challenge on Wall
Street, success requires not just identifying the objective and its obstacles.
You need to execute. Where many self-improvement strategies fall short

is in execution.
Do not bite off more than you can psychologically consume. Do not
set unrealistic goals. Do not use this as a simple checklist and go through
the motions to then move on. This is not a test. This is not a project. This
is your life. Translate the process and professional strategies that work for
you in your professional life into your psychological wellness endeavors.
Here is an easy one. Most people in the financial services industry are
familiar with the Pareto principle; even if they are not aware it is called the
Pareto principle.
More commonly known as the 80–20 rule, the Pareto principle is the
law of the vital few. Business management consultant Joseph M. Juran
coined the principle for Italian economist Vilfredo Pareto, who observed
in 1906 that 80 percent of the land in Italy was owned by 20 percent of
the population.
In Wall Street circles, the Pareto Principle is usually applied to moti-
vate financial services professionals to focus 80 percent of their efforts on
the 20 percent of their client base that yields the most business. My advice
is to expand the application of this rule to other aspects of your personal
and professional life. First, establish your goals in life and make them
manageable. Then aside from your primary duties (or perhaps integrated
with your primary duties), try to devote 80 percent of your available time
to accomplishing these objectives.
And, consider this as a starting point. Do not lock yourself into a
rigid schedule. Instead, continue to modulate your strategy to increase
incremental growth.
Index
Abdominal breathing, 75–76 Embrace change, xix–xxi
Administrative and logistical Emotional stability, 7
efforts, 2 Engagement, personal rules of, 54–59
Advaita Vedanta and Shaivism, 81 Envisioning, 9–10
Alleviating stress, 27 Ethics, professional code of, 9
Anxiety, 17, 18, 27, 44, 57, 60, 61, Evaluation compartmentalization, 70
62, 69, 72, 73, 85, 94, 95, Examination, 102–106
112 Exercise regime, 98–102
Asanas, 81, 82 Exit strategy, 59–62
The Atman, 81 Expectation grid, 2
Audience, 35 Expectations management
Avia pervia, xiv client categorization strategy, 11–17
fiduciary responsibility, 6–11
Belly-breathing technique, 76 Legal Liability Protection Action
Bernays, Edward, 24 Plan, 17–21
BMI. See Body Mass Index (BMI) relationship management strategy,
Body Mass Index (BMI), 100 21–30
Breath-counting technique, 78 reputation-protection strategy,
Breathing exercises, 75–79 30–38
Buffett, Warren, 26 strategy, 1–6
success benchmarking, 38–42
CareerBuilder survey, 30
Carnegie Hill/Southampton money, Facebook, 30, 31
39 Fiduciary responsibility, 6–11, 17
Chinese breath technique, 77 Financial
The calm during the storm, 72–73 investigator, 19–20
Communications technology, 79 markets, 69
Compartmentalization, 69 psychopaths comprise, 7
Competitive and adversarial services professionals, xviii, 6, 68
relationships, 21 Firestein, Peter, 46
Complete breath technique, 76 FirstName LastName, 32
Comprehensive financial services Fisher, David, 20
management professional, 23 Functional psychological
Coping mechanism, 70 mechanism, 69
Cues, 44
Gates, Bill, xx
Decision-making processes, 72, 91 Genuine guilt, 86–87
DeLuca, Fred, xx Gmail account, 19
Dhyana, 82 Google, 31–32
Drug Graphic representations, 10
rehabilitation, 110 Greek mythology, 39
use, 109–110 Guilt-management techniques, 84–87
146 INDEX
Gyroscope MySpace, 30, 31

components of, xiv–xvii
embrace change, xix–xxi Nash, John Forbes Jr., 21–22
essence of, 71 Non-rapid eye movement (NREM),
finesse and style, 5 91–92
five ways to, 121–123 NREM. See Non-rapid eye movement
Impatient Patient, treating, (NREM)
xvii–xviii
introduction to, xiii–xiv Outclient rehabilitation, 109
key component of, 102 Outlook Meeting Invite, 68
managing, 118–121
mind-body connection, xviii–xix Panic, impulsivity, and impatience
strategy finserv folks can grasp, xviii (PIP), 73
tactics, 17 Pareto principle, 42
wellness strategy, 89–90 Perez, Jorge, xx
Personal
Hatha yoga, 82 communication skills, 48–49
Hinduism, 81 deception-avoidance techniques,
Human intercommunication, 50 52–54
Human Resources, 31, 60 goal-setting, 41
Humming breath technique, 77 mission statement, 62–63
Hunting technique, 72 ROI calculator, 63–65
wellness strategy, 88
Impression management, 24 Personal wellness strategies
Impatient breathing exercises, 75–79
client, treating, xvii–xviii definition of, 88–94
rehabilitation, 108–109 examination, 102–106
Internet, 32 exercise regime, 98–102
guilt-management techniques, 84–87
Dr. Jacobson, Edmund, 94–95 meditation, 79–81
Jones, W. Randall, xix–xx personal wellness strategy, 88
Juran, Joseph M., 42 progressive muscle relaxation
techniques, 94–98
Lee, Mathew, 20 realistic diet, 98–102
Legal Liability Protection Action Plan, sleep-deprivation coping
17–21 techniques, 102
Legal protections, 21 substance abuse rehabilitation
LinkedIn, 30 options, 106–108
Lynch, Merrill, 24 support network plan, 111–112
treatment options, 108–111
Madoff, Bernard, 19 visual imaging techniques, 112–113
Make money and preserve capital, 4 work-environment survival
Markopolos, Harry, 19 strategies, 113–118
Masters of Business Administration, 4 yoga, 81–84
Meditation, 73, 79–81, 91, 105 Personal risk management (PRM),
Mental illness, 110 65–66
Mind-body connection, xviii–xix Physical ailments, 110
Money terminology, 131 PIP. See Panic, impulsivity, and
Money-mind quotations, 125–130 impatience (PIP)
INDEX
147
Ponzi schemers, 26 Stimulating breath technique, 77, 78

Positive roles, 72 Stockbrokers, 114
Pranayama, 81, 82 Strategy
PRM. See Personal risk management client categorization, 11–17
(PRM) expectation-management, 1–6
Professional voice, 33–34 finserv folks can grasp, xviii
Professional/psychological burdens, personal risk-management, 65–66
18 personal wellness, 88
Progressive muscle relaxation relationship management, 21–30
techniques, 94–98 reputation-protection, 30–38
Progressive Relaxation, 95 self-improvement, 42
Public information, 44 wellness, 89
work-environment survival,
Rapid eye movement (REM), 91–92 113–118
Realistic diet, 98–102 Street’s ethics, 17
Relationship management, 11 Stress management, 71, 73, 90
REM. See Rapid eye movement Substance abuse rehabilitation
(REM) options, 106–108
Residential rehabilitation, 109 Success benchmarking, 38–42
Return on Investment (ROI), 63–64 Support network plan, 111–112
Right rehabilitation program, 109 Survey, personal risk management
Risk-management strategies, 2 personal assessment, 66–67
ROI. See Return on Investment (ROI) professional assessment, 67–68
Scenarios, 70–72 Tax-exempt investments, 26

SEC. See U.S. Securities & Exchange Three-part rhythmic breathing
Commission (SEC) technique, 78
Self-assessment, fiduciary Treatment options, 108–111
responsibility, 8 Twitter, 30
Self-help, 87, 111 The 2002 Sarbanes-Oxley Act, 21
Senate Judiciary Committee, 21
Shustak, Erwin, 20 U.S. Securities & Exchange
Signaling Theory/communication Commission (SEC), 19–20,
best practices, 44–52 84
engagement, personal rules of, 54–59 Unburdening guilt, 87
exit strategy, 59–62
personal deception-avoidance Visual imaging techniques, 112–113
techniques, 52–54 Visualization, 73
personal mission statement, 62–63 Volunteer information, 10
personal risk-management strategy,
65–66 Wall Street, 17, 20, 39, 40, 41, 52,
personal risk management survey 93, 106
personal assessment, 66–67 circles, 42
professional assessment, 67–68 engagement, professional’s rules of,
personal ROI calculator, 63–65 55–59
Sleep-deprivation coping techniques, firms, 20, 23, 60, 61, 72
102 Money Never Sleeps, 120
Social media, 31, 37–38 professionals, 45–47, 88, 119, 121
Stiller, Bob, xx slogans, 24
148 INDEX
The Wall Street Psychologist’s Werner’s principle, xvi

Gyroscope, xiv, xvii, xviii, 1, Work environment, 69
6, 21–25, 31, 54, 65, 71, 75, survival strategies, 113–118
79, 81, 90, 95, 99, 120–122 World Health Organization, 98
Wealth managers, 24
Website/blog, 32–33 Yahoo account, 19
Werner, Heinz, xvi Yoga, 81–84
OTHER TITLES IN OUR ECONOMICS AND
PUBLIC POLICY COLLECTION
Jeffrey Edwards, North Carolina A&T State University, Editor
• Understanding the Indian Economy from the Post-Reforms of 1991, Volume II: Anatomy
of the Indian Economy by Shrawan Kumar Singh
• Understanding the Indian Economy from the Post-Reforms of 1991, Volume I: History,
Evolution, and Growth by Shrawan Kumar Singh
• Business Liability and Economic Damages, Second Edition by Scott D. Gilbert
• The Economics of Online Gaming: A Player’s Introduction to Economic Thinking
by Andrew Wagner
• Global Sustainable Capitalism by Marcus Goncalves, Mario Svigir and Harry Xia
• Political Dimensions of the American Macroeconomy by Gerald T. Fox
• The Options Trading Primer: Using Rules-Based Option Trades to Earn a Steady Income
by Russell A. Stultz
• A Guide to International Economics by Shahruz Mohtadi
• Foreign Direct Investment: The Indian Experience by Leena Ajit Kaushal
• Urban Development 2120 by Peter Nelson
• Disaster Risk Management in Agriculture: Case Studies in South Asian Countries
by Huong Ha, Lalitha S. Fernando and Sanjeev Kumar Mahajan
• The Option Strategy Desk Reference: An Essential Reference for Option Traders
by Russell A. Stultz
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by Huong Ha, Lalitha S. Fernando and Sanjeev Kumar Mahajan
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Mastering the Moneyed

Dr. Christopher Bayer

All rights reserved. No part of this publication may be reproduced, stored

First published in 2021 by

ISBN-13: 978-1-95152-798-3 (paperback)

Business Expert Press Economics and Public Policy Collection

Collection ISSN: 2163-761x (print)

Cover and interior design by S4Carlisle Publishing Services Private Ltd.,

First edition: 2021

Printed in the United States of America.

Chapter 1 Expectations Management.................................................1

interpersonal relationships, and happiness parameters), he stands a much

utilizing the innovative and practical strategies and techniques outlined in

Professionals must create their own universe—one rooted in har-

Dr. Anestine Hector-Mason,

The Components of the Gyroscope

Start Simple to Build Momentum

My approach to treatment has its roots in the Orthogenic Principle es-

An a› la Carte Approach to Treatment

To get started, the individual needs to select one or more components

Treating the Impatient Patient

Collectively, they provide a portfolio of options to set you out on the

A Strategy Finserv Folks Can Grasp

Healing and Preventive Measures

In Volume III, we established, on the basis of research and observa-

Will You Embrace Change?

Town—The Twelve Commandments of Wealth.2 Jones reminds us that Dar-

9. Moor Yourself to Morals—“It takes twenty years to build a reputa-

Based on a Development Model to Facilitate Progress

The Wall Street Psychologist’s Gyroscope is based upon a developmental

Avoid Complexity to Ensure Goal-Setting Is Attainable

This does not need to be complex; in fact, I recommend you develop a

Face Your Feelings of Inadequacy Head On

Despite their success, many financial professionals (FPs) I have worked

perspective their feelings of inferiority, and expand their thinking, so they

Do Not Trade on Guilt

Bad people versus Bad behavior

It is crucial to distinguish between difficult people and difficult behavior.

Fiduciary Responsibility Affirmation

• Defining fiduciary responsibility

The Good Financial Professional

Fiduciary Responsibility Self-Assessment

Questions to ascertain commitment to fiduciary responsibility:

Financial professionals, like all professionals, must aspire to an ideal. Use

Fiduciary Responsibility Best Practices

Acting in the client’s interest, as opposed to the broker’s self-interest, is

Document Your Professional Code of Ethics

Many clients would be surprised to learn of the inherent challenges

Focus on the Details

Be Prepared to Lose the Deal

More effective and comprehensive disclosure of information to clients

This is more than just envisioning yourself in your client’s position,

Approach Each Client Differently

Forecast Responsibly and Objectively

Use Graphic Representations

In finance, as elsewhere, a picture can be worth a million words. Charts

Follow Through, Consistently

Client Categorization Strategy

Do Your Due Diligence to Build Better Business Relationships

Consider that cognitive functions underlie the mental processes en-

Knowing Clients Better Means You Will Know

Embrace your clients’ different personalities and temperaments and tailor

Legal Liability Protection Action Plan