Back in the day when I was managing wholesalers, I frequently asked my team the following question: “How much money would I have to pay you today for you not to be able to work another day in the business and have your reputation completely ruined?”  To make the question more palatable to my team, I offered the qualifier that any misdeed wouldn’t come with jail time, but that pretty much everyone you associate with in your life would know about how your career imploded. No doubt it was an intriguing question that was designed to get those on my team to consider what could possibly go wrong in their business & personal lives.  Personally, my fictional answer was $10 million, but candidly, there was no amount of money that would convince me to step over the line.

In my 35 years in the business, I’ve witnessed more wholesalers getting fired for compliance violations and questionable personal behavior than for lack of production.  The list of infractions that can get you summarily fired today, is far more significant than it was a generation ago.  Aside from sales productivity, distribution firms today are keenly focused on adherence to compliance regulations, email communications, expense reimbursement policies, etc. Any violation of sexual harassment policies is usually accompanied by an invitation to resign.  Despite all this caution, some people never seem to get the message.

Others who get caught in the corporate downfall usually fail for reasons that I would generally describe as work/life balance.  In short, the pressures of the job or life in general create serious hurdles when it comes to being at one’s best.  I recently had the pleasure to speak with Kevin Baker, a former wholesaler in the annuity space who ran into serious issues resulting from an addiction to opioids.  Kevin’s story is relatable for many of us who feel a constant personal pressure to produce strong sales metrics.

Here is Kevin’s story as lifted from his corporate biography:

“Through several spinal reconstructive surgeries on his lower back, Kevin became addicted to narcotic (Opioid) pain medications.  Over the course of several years, his addiction took him farther and farther down a dark path. Finally, in losing the long battle with addiction, now facing foreclosure and bankruptcy and with his moral/ethical compass damaged beyond comprehension, Kevin lost control.  In January 2016 and again just two weeks later, he committed armed robberies at a local bank with the second robbery also involving a high-speed chase through several towns by over a dozen different police vehicles.” (About Kevin — Kevinbakerpresents.com)

Since starting this piece, I have spoken and corresponded with Kevin several times.  He comes across as sincere and apologetic to his family, friends, business colleagues and former employers.  Kevin has a long road ahead as he seeks redemption.  But many of us can relate to his struggles and the idea that “But for the grace of God, go I.”  In truth, Kevin’s tragedy could befall any of us, regardless of whether the tipping point was drugs, pills, alcohol, unintentional compliance mistakes, raw ignorance, etc.

I had the chance to ask Kevin some pointed questions on how his reality came to be, starting with when he realized he had a serious issue with substance abuse. “For me, it was a slow realization on the spiral.  I had been prescribed narcotic pain meds by the surgeons.  So early on I was “entitled” to these meds, but over time I began to want more, and want them more often. Thus, the alpha male took over and an entitlement to the meds took root and grew over time.  I am a top producer, making lots of money for myself, and lots of money for the company.  If it takes a few pills to keep it all up, so be it, I am entitled to them.  The problem is that a few pills a day became a dozen, then twenty.  In the end, by the time of my collapse, I was up to thirty pills a day.”

“The moral and ethical compass continued to become more and more tainted as time went on, and my usage of the meds grew.  The shame, guilt and turmoil inside of me grew and grew, along with my use.  Early on, through several periods of abstinence and rehab, along with biweekly meetings with a therapist and group opiate addiction meetings, I did believe I could pull out.  However, the last few years the spiral took over and I was unfortunately on a path of no return.”

My personal feelings regarding corporate culture, given my 35 years in the business, are somewhat cynical.  Most wholesalers should be highly skeptical of the corporate bromide, where management speaks of their commitment to work/life balance.  Kevin stated, “For the most part, I would say the people at the companies (management), did believe in balance. But that was often overshadowed by the corporate side wanting constant results and growth.  Sales results and growth are what companies are valued on.  This is the plain truth of our capitalistic society.  It is not that the companies are evil, they are simply driven by the numbers.”

Paul Hansen, formerly a senior executive at Key Bank, responsible for Key Investment Services, spoke to the issue of work life balance in the broker dealer community. “With regard to work-life balance, one size does not fit all.  You have to have empathy and understand the unique characteristics, needs and drivers for each person you employ. Simply demanding the most out of someone, without them being in a position to deliver as much as they are capable, both mentally and physically, is not something that will work in the long run.  Both you, the employer and your employee are not in a position to ensure long-term success.”

Angela Sarver, an HR consultant who has spent the bulk of her career serving the financial services community, spoke to the unique challenges facing anyone dealing with substance abuse in the workplace. “In my experience, the person either doesn’t know or can’t/won’t admit that they have a problem, so offering help can be difficult. Employers are further challenged because they need to balance employee safety and the consistent administration of their policies with the human factor, and each situation is nuanced.”

Sarver went on to add, “When you are on the outside, it’s easy to blame the person with a substance use disorder because we believe they made the choices that put them in this situation. As a result, we’ve lost compassion for those in this situation. People often don’t understand what substance use disorder is and that recovery is ongoing. Everyone deserves to be treated with dignity and respect.”

I inquired of Kevin if he had any message for current wholesalers. “Very simple message: ask for help and it will be given.  If you think you may have some issues with drugs, alcohol, etc., then it’s probably an issue.  Before you get fired, arrested for DUI, or worse kill someone or yourself, seek help before you begin to lose your family and your sanity.”