Why I (almost) Never Wear Suits to Work
(originally published 12/7/2017 on my personal LinkedIn page)
“To me, business isn’t about wearing suits or pleasing stockholders. It’s about being true to yourself, your ideas and focusing on the essentials.”
I confess that I own more business suits than most people do. I even like some of them and for years would wear one every day to work. You might still see me in one today if we attend the same wedding, or if I am speaking to an institution where this level of formality is customary. Putting such occasions aside, I mostly choose to leave my neck ties in my closet and save my jackets for chilly days. I occasionally will receive a comment on how my day-to-day work attire isn’t quite as flashy as it once was. This choice is a product of an evolution that I will share.
Several years ago, at a presentation on estate planning, a room full of financial professionals was shown a case involving two sons who were going to inherit their father’s estate. One was “the responsible one” and the other son would require some “advanced controls” to ensure that he wouldn’t quickly spend through his eventual wealth. Specifics of the case and photographs of the two sons were displayed at the front of the room. One son (let’s call him “Son A”) had a neat haircut, a tailored suit, expensive watch and gleaming white smile. His brother wore a hooded sweatshirt, had messy hair, and looked overdue for a good shave. While I admit that the visual contrast was funny, I think the intended message was incorrect. Everyone in the room was supposed to assume that “Son A” was the trustworthy one, and that the son in the hoodie wasn’t worthy of our collective faith. It was at this point that I turned to my neighbor and asked her “In your lifetime, has more money been lost (or stolen) by people in wrinkled sweatshirts or men in expensive suits?” It may be worth noting that this conversation took place shortly after the bottom of “the great recession.” My point was as true then as it is today. History has taught us that by relying on the wrong criteria in deciding who to trust, society has habitually placed their faith in the wrong people.
Something hard-wired into the human brain may lead many of us to gravitate towards a person like “Son A.” We see his carefully crafted wardrobe and expensive attire as a sign of success, and we want to work with successful people. This is why a person in the investment industry might in part dress this way to help market themselves to the public. Another reason would be to achieve a certain congruence with how we have been taught to believe a “finance guy” should appear.
Putting aside our cognitive biases, a person might view these attributes with a different logic. Unless you are the type of person who aspires to wear $5,000 suits and $20,000 watches, you might simply view such extravagances as wasteful and choose not to entrust your money to “Son A”. Perhaps you are impressed by the marble and glass headquarters of your investment company, or maybe you are the type of person that realizes the implied truth. That skyscraper was built entirely with revenue generated by investors just like you.
Billionaire, philanthropist and entrepreneur, Peter Thiel, advises that aspiring tech investors do NOT do business with people dressed in suits. In his book “Zero to One”, he warns his readers to beware of anyone potentially using a fancy package to compensate for its inferior contents. Throughout his career, Thiel has demonstrated an uncanny ability to “pick winners” among the countless tech companies that came looking to him for funding. His rule against investing in businesses with traditionally well-dressed emissaries, is definitely a departure from how people have historically gauged someone’s professionalism and perhaps even their competence. In essence, if we eliminate the flashy front and carefully crafted display, you are left only with what is authentic about a person’s ideas, abilities, and character.
Once we eliminate the shortcuts to trust, what are we left with? In my chosen industry of investment advice, I am always surprised by how effective certain shortcuts can be, and how many more important questions go unasked.
“Where did you study finance?” I would never trust my teeth to a person who didn’t go to dental school or my legal affairs to someone with no law degree. It shocks me however, how many people trust their financial futures to someone who never studied finance at an accredited institution.
“What is your previous experience?” Over my career I have met “financial consultants” who joined the industry after an endless list of prior careers. This lineup includes a former pilot, hockey player and TV weatherman. While I don’t begrudge someone a mid-life job change, you may notice that there is a difference between a dedicated investment professional and someone who “fell into” a job in investments.
“What did you do to receive that credential?” I have seen (and held) my share of certifications throughout my years in finance, and when it comes to the letters after someone’s name, they are not all created equal. I have seen some credentials that require years of difficult study, and others that involve just a short on-line course and an open book test (and tuition, of course).
These are just a few questions to help you avoid some of the common shortcuts that someone might take to secure your trust. The simple fact is that there is no way to be 100% certain that you are working with the right person. My suggestion would be to avoid the temptation to take any shortcuts. Take the time to have real conversation. Afterwards, ask yourself if you feel that you have been heard. Ask if the person you met with seemed intelligent. Were they concerned that you understood what they were saying, or were they pushing you towards a quick decision?
In my business, we strive for every client to be confident in the knowledge that they have made a wise decision to work with a team of intelligent, trustworthy, and caring professionals. In the absence of an extravagant façade, we can only be judged by our character, insights, and abilities. We do not take shortcuts to a person’s trust. We don’t have a skyscraper and we rarely wear suits.
“Humility and knowledge in poor clothes excel pride and ignorance in costly attire.”