Ronald Duska and David Cordell, of The American College, outline steps advisors can take to develop an ethical practice in “Readings in Financial Planning.” There are three steps, they say, in reaching ethical decision making.
Advisors should communicate ethical standards that address daily operations, such as how to handle client complaints or developing products based on needs.
A system of rewards and reinforcements are necessary to highlight how important ethical standards are in your practice.
The final step is to recognize barriers to ethical decisions and resolve them. The authors suggest asking who stands to gain from unethical behavior when assessing ethical conflicts.
Source: “Readings in Financial Planning,” Ronald Duska and David Cordell