Pedigree Means Nothing In Finance

Pedigree doesn't mean anything when it comes to whom you should trust in finance, money manager Josh Brown wrote on his Reformed Broker blog.

The New York City-based financial advisor at Ritholtz Wealth Management said, "One of the things you learn in my industry is that pedigree opens a lot of doors and gives you a big head start – but it doesn't guarantee your colleagues or clients any kind of peace of mind."

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He added, "Where you grew up and which school you went to and what firm you began your career at remain important as you climb the rungs of the ladder and interview your way up, but they don't really mean anything in the end."

Brown gave the example of a banker, with a highly impressive pedigree, who was charged by Manhattan U.S. Attorney's office for a massive $95 million fraud.