AdvisorHub estimates that more than 1,500 financial advisors with the big broker-dealers in the U.S. were said to have used their corporate email accounts for Ashley Madison subscriptions.
1,500 financial advisors at prestigious firms such as Merrill Lynch, Wells Fargo, and LPL Financial were committing adultery with the assistance of corporate email accounts. But new information suggests that many of those same people also used their corporate credit cards to pay for the subscriptions.
Male advisors, it appears in this situation, are even dumber than female advisors.
According to AdvisorHub, 18% of male advisors used a corporate credit card to pay for Ashley Madison’s services compared to 13% of women. Whether you’re male or female, if you were one of the indiscreet souls in this cohort, you won’t have to worry about being fired because your clients will leave you first. At least, say many industry players, they should.
Those seasoned professional point to the lack of judgement using company credit cards demonstrates, at the same time it raises questions about the quality of investment decisions made on behalf of clients.
“Let’s just say that I wouldn’t trust that guy or girl with a dime of my money,” an anonymous advisor said. “The lack of intelligence it takes to make it that obvious that you are involved in questionable behavior will only draw deeper scrutiny on all of your other business practices. It really is outrageous if you think about it.”