Hey, it’s 2019…
Which is why it was shocking- though not surprising- to read that Ken Fisher, money manager and founder of Fisher Investments, recently came under fire following an industry-only fireside chat. Fisher has long been known for his anti-annuity rants. In that regard, he may well be the most economically successful internet troll in history. And this was yet another thread.
Addressing a room of investment professionals at the elite Tiburon CEO Summit, the keynote speaker did not mince words. Fisher compared landing a client to “getting into a woman’s pants,” discussed genitalia, maligned charities and joked about branding loyal employees with the name of his company.
Fisher may be used to being the loudest voice in the room, but he was wrong in thinking his words would stay there. The news broke in a refreshingly modern way and in spite of disclosure restrictions at the conference. A male attendee picked up his cell phone in disgust and recorded a video of his observations. Two female attendees separately confirmed that those were indeed Fisher’s words. After a storm of controversy, the organizers of the event denounced Fisher and reported that he would never be invited back.
For his part, Fisher initially protested on Bloomberg:
“I have given a lot of talks, a lot of times, in a lot of places and said stuff like this and never gotten that type of response.”
His response highlights two problems. The first one is that the tone and comments sound like the disappointing rhetorical style we have come to expect and accept from Ken Fisher. The second is that nobody in his inner circle or among his peers has managed to straighten him out until now.
In the face of steady criticism, Fisher finally apologized, acknowledging:
“this kind of language has no place in our company or industry.”
It’s 2019…of course it doesn’t.
After all of this time, why is Ken Fisher still taking up all of the air in the room? And why does anyone continue to listen?
Rachel Robasciotti, a wealth manager who estimated that she was one of only 15 female attendees in the crowd of over 200, expressed her frustration with Mr. Fisher’s behavior:
“…a lack of responsibility to the power you have when you speak publicly and when you’re a leader in the industry,”
“This shouldn’t be who is leading the industry for RIAs.”
Between the knuckle-dragging comments and the spittle-flying tirades against the insurance industry, how can the Ken Fisher of today be the future of financial advice? If you’re leaning into spite and derision as sales tools, hand those in. The future of the industry is bigger than that.
Age doesn’t matter but attitude absolutely does.
Think of T. Boone Pickens and his journey from being a titan of fossil fuels to a believer in renewable energy. John Bogle led the biggest revolution in personal finance right up to his final days. Warren Buffett’s insights are as fresh today as ever. It’s not too much to ask for our leaders to stay relevant or evolve. The best ones always do.
“And the men who hold high places, must be the ones who start, to forge a new reality…”
(Lee/Lifeson/Peart/Talbot)
No matter how the dust settles on this most recent Ken Fisher debacle, he isn’t going away. He’s a big player in the space and will undoubtedly weather this storm. Fisher will decide for himself whether he will go back to his business as usual. Our job as Americans is to decide if we will let him. America likes a good comeback story, so there is hope yet for KF.
Sabrina McLaughlin Smith 