Integrity:
(i) Consistency of actions, values, methods, measures, principles, expectations and outcomes;
(ii) The quality of having an intuitive sense of honesty and truthfulness…
Source: Wikipedia, 2010
At the recent NIBA and CTA EXPO events in New York, I met successful IBs and CTAs from all over the country. I sat in on at least a dozen panel discussions and expert presentations. And I re-connected with scores of old friends, many of whom I see regularly at NIBA meetings.
When I returned home to Chicago and had a chance to think about all those conversations, it struck me that each one of the people I talked to or heard from in a session was unique, enthusiastic and successful.
I started to wonder if there could be one characteristic, one trait these people had in common. Was there one thing each of them possessed or was doing that that led to success? After all, practically everyone in the room had been in the futures and options business for over 25 years!
Secret to a Successful IB / CTA
You've probably guessed from the title of this article that I settled on "Integrity" – a combination of the Wikipedia definitions above.
Integrity includes:
- Taking responsibility for your actions
- Being consistent in your actions toward others
- Truthfulness
- Caring about and working toward "a job well done"
- Keeping your word
- Willingness to forgive
- No whining
- No blaming
Establishing and operating an IB or CTA program requires taking responsibility for compliance, supervision and finances. Consistency, truthfulness and caring about the clients are the hallmark of a well run program. A successful office and program will also "keep its promise" to the client and be willing to forgive and adjust. Finally, to paraphrase Tom Hanks in "A League of Their Own," there is no whining or blaming in futures.
It may be somewhat simplistic to boil down the secret to success to one word – Integrity. As a matter of fact, Donald Trump is quoted as having said, "Everything in life is luck." But I say not so fast, Mr. Trump.
IBs and CTAs must work hard, distinguish themselves from the crowd, stay in compliance and, at the end of the day, sign their own paycheck. Each IB or CTA does it his or her own way. But I believe that if we learn at least one thing from the men and women who attend our meetings and events, it is that "you need integrity."
Melinda Schramm is the Chairperson and Founder of the National Introducing Brokers Association. She can be reached at melinda@futuresrep.com or 312.977.0598.
