When Hiring a Consultant, Don't Be Blinded by Wall Street's Bright Lights

Back in the early 1990s, I was a branch manager at a $2 billion regional bank with a 50-plus branch network. We decided to start an investment program, and I needed to hire a financial consultant. The first thing that crossed my mind was, Wouldn’t it be great if I could bring someone on from a big-name wire house?

When I finally met the candidate, I hired him and was sure our program would take off. Once he started, he walked into the new office we built for him, sat down at his desk and for the next three months there he stayed, waiting for us to send him referrals. At the end of three months and after handing me his resignation letter, he shook my hand and said, “This will never work.”