Over the last two weeks, we’ve been receiving daily lessons in trust. As the revelations about Lance Armstrong’s alleged doping continue, Armstrong and his business partners are still assessing the cost. People trusted Lance Armstrong, they believed in his integrity, they invested their time and money in his charity; they could never have expected that their trust could be violated.
All over the news we’re seeing businesses that had happily associated themselves with Armstrong, trying to repair the damage. This week, we see that Armstrong paid back bonuses he received for winning tour titles that have since been stripped. They feel their trust was abused. They demanded their money back and Lance Armstrong agreed.
A Lesson In Integrity
Stories of this size that have international significance, always contain a lesson. This story can teach insurance agency owners many things, about sponsorship and about trust but mostly, about integrity. When you start a business relationship with a client, a financial advisor or a provider; there should be mutual trust. That trust should be built on integrity.
As an agency owner, you regularly demonstrate your integrity to your clients. You look at their business, you assess their risks and you find ways to save them money in the short and long-term. Meeting their needs motivates you, because you know that if you meet their needs, you can build a mutually beneficial relationship. You’re not motivated solely by your fee, because you know that meeting your client’s needs is more important. However, I’m sure you know a few agents for whom the fee is their primary consideration.
Financial advisors fall into similar categories. There are advisors out there who will suggest you sell your agency because they’re thinking about their fee, first and foremost. On the other hand, there are financial advisors who will actually advise against a lucrative sale if they feel it’s not in your best interests. We established our company on the premise that our interests could only be served if our client’s interests became our only priority.
The Link between Inspiration and Integrity
Whenever you get involved in any business relationship, you will try to assess your new partner’s integrity. The best place to start is with inspiration. The sponsors who got involved with Lance Armstrong may have been signs of his inspiration. Armstrong was clearly inspired by winning, first and foremost. The question was, what cost is someone willing to accept in order to win? A win at all costs attitude is often talked about as the mark of a champion. It seems to have become a foregone conclusion that the allegations against Armstrong are true. Lance Armstrong clearly crossed that fine line between a champion and a cheater.
In a business relationship with a client or financial advisor, you can’t afford an ‘at all costs’ attitude. Business relationships should be mutually beneficial. Partners with integrity will guide you towards the right decisions, for the right reasons. When you start a business relationship, integrity should be at the top of your list of requirements. When you work with people you can trust, you build long lasting partnerships. If you put that trust in the wrong place, someone could end up wanting their money back.
Lance Armstrong has done many good things in his life through his Livestrong Foundation. It is hard to forget those efforts. Regardless of those efforts, Lance Armstrong will never be known for winning or integrity. We believe in our clients winning and maintaining our integrity. It is a combination that is unbeatable in any business.
