Wells Fargo  is the latest recipient of a massive fine ($185 million) for fraudulent activity impacting thousands of their customers.  The employees who opened thousands of accounts without the knowledge of their clients, say that the corporate imposed sales quotas were simply impossible to reach consistently.  So they chose to break the law to reach their goals. (The source for this information is the Wall Street Journal September 14. “Wells Boss Says Staff At Fault For Scams” and “Wells Fargo Isn’t Sorry Enough”)

Quotas and sale goals are common throughout the entire banking and large wire-house industry.  Conflicts of interest can be a natural outcome any time there are shareholders to satisfy. The fact that we have no quotas to meet with any specific carriers is one of the primary reasons Resonate is an independent firm.  It is also part of the strategic decision to stay under 15 employees.  In this way, we work together closely every day.  I am aware of every piece of business that is written.  In addition, ValMark Securities provides a separate level of intense supervision on our work.  We have no weekly quotas; nor do we participate in any incentive plans for placing a certain amount of business with specific companies.

To assure we can provide the expertise needed for complex planning and remain under 15 employees, we partner with other carefully selected professionals on an as-needed basis.  To be sure that the” lines do not blur”, we do not share any revenue between offices.  Each entity bills separately and keeps 100% of what they earn.

Rather than being required to meet quotas and participate in companywide incentives, the Resonate team is guided by our corporate mission statement which is grounded in integrity, mutual respect and serving our clients.

Those of you who are already Resonate clients know this to be true.  For anyone else, especially those working with large institutions, we welcome a conversation with you.  Experience the difference of a purpose-driven company rather than one obligated to please shareholders and meet Wall Street expectations.

Barbara A. Culver
CFP®, ChFC®, CLU, AEP®
Resonate, Inc.
(513) 605-2500