The document discusses the author's realization of pursuing a career in finance after observing his mother's distrust of Wall Street due to past corruption and losses. It then describes the author earning a position as a managing director by developing a passion for helping people through academic study of finance and experiencing "hard knocks." Finally, it asks people not to judge all financial analysts for the actions of some, as many work ethically and care deeply about clients, with past scandals serving to strengthen principled passions in the profession.

1. Of Spitzer and Picasso
By MICHAEL D. HAKEREM, CFA
One crisp fall morning I found myself staring at my mother’s face. The lines and circles
plainly told the story of a single mother who worked multiple jobs and took care of her
family. Maturing in the post-Depression era, her disposable dollars found their way
exclusively to U.S. Savings Bonds. Despite the real after-tax erosion of those
investments, my mother never gave a serious thought to securities issued by corporate
America. Why? The memories of great losses and Wall Street corruption were only
magnified by current events. In spite of new government agencies and laws, the savings
of U.S. citizens were sifted from their true benefactors under false pretenses and outright
theft. Of course, women and the elderly were especially targeted. My stare soon evolved
into a glowing smile as I, at that moment, realized the future of my life’s work.
The clock struck midnight as the East Coast transitioned from Friday to Saturday, a
decade hence that magnificent fall morning. As a “twenty-something,” instead of
bellying up at the next watering hole, I was leaning on another slab of mahogany,
absorbed in a book sponsored by The Institute of Chartered Financial Analysts. It was
there that my sincere dedication to helping people went beyond my pursuit of degrees in
finance and economics. I never once reached out to greed as a motive for flipping to just
one more chapter...
Today, an amalgamation of passion, cognitive abilities, academic fortitude, hard knocks,
and, yes, even mistakes have earned me a position as managing director in a well-
respected wealth management firm. My story, the traits that define me, are by no means
unique – countless investment professionals in thousands of firms hold close to their
hearts the highest ethical standards and a deep sense of integrity. We ground our advice
in sound practices designed to fulfill clients’ unique objectives, needs and circumstances.

2. In June 2001, the Office of the Attorney General of the State of New York officially
commenced an investigation into stock recommendations issued by research analysts at
several financial institutions. An onslaught of negative press has ensued since Eliot
Spitzer’s well-publicized actions. Hardly a day passes without another revelation of a so-
called “alchemist of finance” turned crook. Glib conversations overheard at cocktail
parties have turned dramatically from “What’s the hot Internet stock?” to “We should
build an island for ALL those Wall Street types and…”
A great many of us financial analysts thoroughly research recommendations, study prior
bubbles and economic cycles, and deliver prudent advice. Under the right motivations,
we are passionate about our careers and care deeply about those clients whose assets rely
on our care. We, too, are embarrassed, angry and saddened as a result of all scandals and
criminal activity, past and present.
Please hesitate before painting us with the proverbial brush, reducing and fragmenting
our images into expressions of anger. The misdeeds described in the headlines of today
will only serve to drive our principled passions into the years to come.
Michael D. Hakerem, CFA, is a managing director of Triangle Securities, LLC, in Raleigh, NC.