Dear OW Client:
A streetwise competitor once told me that the more successful the newcomer (or any challenger), the more defensive the incumbent had to be -- and, he would invariably add, the best defense is offense. As a rookie, I thought he was dispensing wisdom. Over time, I have come to realize that he was betraying fear and competitive weakness.
Recently, OW and several of our more successful fellow newcomer competitors have been the subject of a flurry of excited warnings and misstatements about capital levels and other imagined shortcomings. Allow us to put our two-cents' worth into the fray.
A streetwise competitor once told me that the more successful the newcomer (or any challenger), the more defensive the incumbent had to be -- and, he would invariably add, the best defense is offense. As a rookie, I thought he was dispensing wisdom. Over time, I have come to realize that he was betraying fear and competitive weakness.
Recently, OW and several of our more successful fellow newcomer competitors have been the subject of a flurry of excited warnings and misstatements about capital levels and other imagined shortcomings. Allow us to put our two-cents' worth into the fray.
- We have strong reason to believe that the hyperbole in the 'blogo-sphere' concerning our firm (and like-firms) is little more than self-serving scare mongering by the incumbents who hope to attract business that they could not otherwise hold competitively.
- One World adjusted net capital (ANC) exceeds the minimums required by the NFA. Should the NFA increase the ANC, or adopt other ANC rules changes, we have every confidence that we will meet that requirement as well.
We ask that anyone with questions arising from the negativity being promoted on the internet on various websites and blogs please give us the courtesy of a call so that we may have the opportunity to share our side of the story. Possibly, just possibly, we are doing our jobs so well that competitors are simply nervous.
Yours truly,
Jack Walsh