Professional Integrity in Financial Practice – Part 3

Example Scenario and Application of the Model:

Consider a realistic scenario: You are an adviser whose long-time client is eager to invest in a new high-risk, speculative property scheme that you suspect is being overly hyped. The client has been swayed by a glossy marketing seminar. They want you to help facilitate putting a large portion of their retirement money into it. You have serious reservations about the scheme’s viability and suitability, but the client is adamant. To add complexity, your firm happens to be an introducer for this scheme and would pay the firm a referral fee if the client invests.

Using the model:

• Identify issues & facts: The ethical issues are potential unsuitability (client might be harmed by this risky investment), and a conflict of interest (referral fee could bias advice). Stakeholders: client (could lose money), you (compensation and duty to client), your firm (revenue vs reputation if it goes bad). Facts needed: Is the scheme legitimately sound or likely a scam? What portion of the client’s portfolio would be at risk (can they afford loss)? What are the client’s true goals and risk tolerance (perhaps they’ve changed or don’t understand the risk)? What does the law/code say? (FASEA Standard 2 best interest, Standard 3 conflict; also legal duty to give suitable advice and not mislead, etc., clearly relevant).
• Options: A) Facilitate the investment as client asks (and take referral fee) – basically obey client instructions blindly. B) Strongly advise against it and refuse to participate (potentially even resign if client insists on doing it elsewhere). C) Try to find an alternate solution: e.g., convince client to limit to a smaller amount or delay until more due diligence is done; offer to review scheme information together and get a second opinion or research report; or propose other investment opportunities that satisfy the client’s desire for higher returns but with more balance.
• Consequences: Option A might keep client happy short-term (because you did what they asked and they think they’ll get rich), you earn a fee – but if it goes bust, the client may lose a lot, and they will rightly blame you for not protecting them. You’d also violate your duty to act with care. Option B might upset the client now (they might leave to find a more agreeable adviser), and you/firm lose potential revenue, but you avoid likely harm to the client and maintain professional integrity. Even if they leave, you might sleep better knowing you didn’t facilitate harm. Option C might salvage the situation – maybe through education the client agrees it’s too risky or scales back. That would be a win-win: client doesn’t blow up their finances, you keep trust. But it requires effort and the client’s receptiveness.
• Guidance/Biases: Check biases – maybe you fear losing the client (self-interest), which could tempt you to go along with them. Recognize that fear. Consult a colleague or your supervisor: has anyone else evaluated this scheme? Perhaps compliance has an opinion (the fact your firm is an introducer suggests some vetting, but don’t assume – ask compliance about the product’s risk profile and whether other clients are investing). You might even call the FPA ethics line to discuss how to handle a client insisting on something against advice. Getting a second opinion from an investment analyst could bolster your position if you decide to recommend against the scheme (i.e., you have data showing it’s flawed).
• Decision: Likely, the ethically best decision is to refuse to facilitate something you believe is not in the client’s best interests. Possibly combine with an attempt to educate the client (Option C merging into B). So, you might decide: “I will not process this investment because I genuinely believe it’s unsuitable and dangerous for you. I recommend against it. If you insist, I cannot in good conscience be a part of it.” That aligns with your duty of care and integrity. It sacrifices short-term appeasement for long-term principle.
• Implement: Have a meeting with the client. Calmly explain your analysis: show them the risk factors, perhaps illustrate how it could jeopardize their retirement. Remind them of their goals and that this gamble doesn’t align with the plan you both worked on. Disclose that the firm would get a fee if they proceed (so they know you’re not saying no out of self-interest, since ironically here self-interest would be to say yes!). By disclosing the conflict, you strengthen trust – they see you’re turning down money because you truly worry for them. If the client is rational, they may reconsider. If they still want to go ahead, you politely but firmly decline to assist. Maybe suggest they seek a second opinion (knowing any prudent adviser will also warn them). Document the conversation and your advice in writing to them (“I advise you not to invest in XYZ because… If you choose to proceed, understand you could lose everything…”). This covers you and emphasizes the warning.
• Reflect: After resolution, reflect on what happened. Did you manage to convince the client? If yes, great – you likely saved them. If not and they left, it’s unfortunate, but you stood by your principles and likely avoided being part of a disaster. Consider if there was anything to learn: could earlier financial education of the client have prevented their susceptibility? Did you identify any firm-level issue (e.g., perhaps the firm shouldn’t endorse such schemes to begin with)? You might raise that with management – that associating with such a scheme was ethically problematic. In doing so, you contribute to a better culture. Reflecting also on your own feelings – it might have been hard to say no to a client, but do you feel it was right? That inner confirmation strengthens your ethical resolve for the future.

This example shows a model in action. It transforms a daunting dilemma into a series of thoughtful steps, ensuring the adviser doesn’t react impulsively or merely follow pressure.

Tips for Ethical Decision-Making Day-to-Day:

• Integrate the process: Make it a habit to pause and think when something feels “off.” Even for smaller decisions, get used to quickly running through identify-consider-decide. Over time, you’ll become adept at spotting issues early (like noticing a potential conflict before it becomes a big problem, and addressing it proactively).
• Use the Code as a Checklist: The FASEA Code’s values or any professional code can serve as a quick checklist: “Am I being trustworthy, honest, fair, diligent, competent in this situation?” If an option fails any of those values, reconsider.
• Document and communicate: When you go through an ethical decision process, document it in your file. If appropriate, communicate to the client the ethical considerations (e.g., “I want to disclose that I get a referral fee for this, but I have considered alternatives and still believe this is best for you. If you prefer, we can discuss a fee arrangement to offset that.”). Clients often appreciate transparency and it reinforces your integrity.
• Learn from scenarios: Engage with case studies (many professional bodies publish ethics case studies). Practice with peers in study groups or team meetings: “What would we do if…?” This prepares you for real incidents.
• Don’t go it alone: A strong ethical culture is one where people consult each other. Cultivate a network of colleagues or mentors you can talk to. Even just verbalizing an issue to someone can clarify it – sometimes just hearing yourself explain it makes the right path obvious (or not being able to justify an action out loud tells you it’s wrong).
• Stay alert to new challenges: As the industry and products evolve (like crypto assets, or fintech robo-advice, etc.), new ethical questions will arise. Continual learning and an open dialogue about emerging ethical issues (through CPD workshops, conferences, etc.) will keep you prepared.

In summary, structured ethical decision-making is about being deliberate and principled when choices aren’t black-and-white. It protects you and your clients by preventing knee-jerk or self-serving decisions. Advisors who consistently use such frameworks build a reputation for thoughtfulness and integrity – clients feel secure that even in a gray area, their adviser will handle it with care and ethics.

Aligning Personal and Organisational Conduct with Ethical Standards

Having strong laws, regulations, and decision models is crucial, but ultimately integrity in practice comes down to individual and organisational behaviour. In this section, we discuss how advisers can align their own conduct – and influence their firm’s conduct – with the ethical standards we’ve covered. This means fostering an environment where doing the right thing is the norm. We will cover personal accountability, building an ethical culture within firms, and practical strategies to ensure that compliance and ethics are woven into the daily fabric of financial advice work.

Personal Integrity and Accountability

Every adviser has the responsibility to uphold professional integrity, regardless of what others do. This involves a few key personal commitments:

• Internalize the Code and Values: An adviser should take the time to reflect on their own values and how they sync with professional ethics. Ideally, one’s personal moral compass – honesty, empathy, responsibility – aligns with the profession’s values of trust, fairness, etc. When you internalize these, acting ethically is less about obligation and more about personal conviction. For example, if honesty is a core personal value, then full disclosure to clients isn’t just a rule to follow, it’s something you’d do naturally because anything else would feel wrong. One way to internalize is to periodically read the code of ethics and think of real-life instances where each principle applies. This mental rehearsal makes it easier to live those principles.
• Continuous Education and Self-Improvement: Maintaining integrity also means staying competent. Ethical practice is not just about avoiding wrong acts, but also about doing what is best for the client – which requires up-to-date knowledge. By diligently pursuing CPD (as required – e.g., in Australia a minimum of 40 hours CPD per year with at least 4 hours in ethics) and possibly exceeding it, you ensure you have the expertise to give sound advice. It’s unethical (violating competence and diligence) to advise on areas you don’t understand well. So if new products or laws arise (say, new superannuation rules or new investment types), make it a point to learn about them or refer clients to someone who is qualified in that area. A humble adviser who knows their limits is far more ethical than one who overestimates their abilities.
• Moral Courage – Speaking Up: Integrity sometimes requires confronting issues or people when something is amiss. This can be uncomfortable. It might mean telling a client an unwelcome truth (like, “you cannot afford to retire yet, and I’d be irresponsible to tell you otherwise”), or challenging a colleague who you see doing something questionable (“I noticed you altered that risk profile after the client signed – can we discuss why?”). It could also mean reporting misconduct through proper channels. For instance, if you discover that a team member falsified a document or that clients are being charged improperly, integrity means you can’t just ignore it. Many firms have whistleblower policies to protect staff who raise concerns. In Australia, under Corporations Act whistleblower provisions, you’re legally protected (and even encouraged) to report serious wrongdoing like fraud or client harm. Speaking up can prevent small problems from harming clients or snowballing into scandals. It also signals to others that ethics matter. If you are in a leadership or senior position, how you respond to potential ethical issues sets the tone – junior staff take cues on whether integrity is genuinely valued. So being courageous and addressing issues openly contributes to a more ethical practice for everyone.
• Time and Stress Management: This might seem tangential, but managing your personal well-being is an ethical consideration too. Advisors under extreme stress or fatigue are more prone to ethical lapses (through oversight or frustration) or might be tempted to take shortcuts. By maintaining a healthy work-life balance, seeking support when overwhelmed, and not taking on more than you can handle, you are better positioned to uphold integrity. Burnout can lead to mistakes or diminished care for clients. Ethical duty includes knowing when to step back and recharge so you can serve clients properly. If you’re overwhelmed, communicate with your firm about reallocating workload – an ethical firm would prefer that to an adviser silently struggling and potentially erring.
• Personal Financial Discipline: Interestingly, an adviser’s own financial situation can impact ethics. Advisers who mismanage their own finances might face temptations (like pushing a sale to get a quick commission infusion). Living within your means and having a stable financial plan reduces the risk that personal financial pressures will compromise your advice. This is seldom talked about, but it's a practical aspect: If you need a big bonus to pay off debts, you might unconsciously rationalize overly aggressive cross-selling. Thus, practicing what we preach – solid financial habits – can indirectly bolster professional integrity by keeping our judgment clear of desperation or greed.

Building and Contributing to an Ethical Firm Culture

While individual integrity is key, the environment in which one works can significantly bolster or undermine one’s ethics. Advisers should strive to be in organisations whose values match their own and should proactively contribute to a strong ethical culture. Here’s how:

• Tone at the Top: Leadership commitment to ethics is crucial. If you are in a leadership role (owner, manager, senior planner), lead by example. Demonstrate the behaviours you expect: transparency with clients, fairness in how you treat staff and clients, admitting mistakes, and prioritizing client outcomes over quick profits. Discuss ethics openly in meetings. For instance, incorporate a segment in team meetings to talk about any tricky cases or “ethical spotlights.” When staff see leaders weighing ethical considerations in decisions (“We could push Product X, but would that really be best for clients? Let’s not chase the short-term numbers at their expense.”), it sends a powerful message. If you are not in leadership, you can still influence upwards by raising ethical considerations in discussions: respectfully ask, “Have we considered how this incentive might affect client outcomes?” or “Shouldn’t we disclose this detail to clients? It seems the right thing to do.” Good leaders will listen and possibly adjust policies.
• Clear Policies and Procedures: Firms should have well-defined policies that support ethical conduct: e.g., a conflict of interest policy (requiring disclosure and steps to avoid conflicts), a gift and entertainment policy (limiting what can be accepted to avoid influence), independent research or product approval processes (so advisers have access to unbiased product info and are not solely reliant on a provider’s marketing), and complaint handling procedures that treat client complaints seriously and fairly. Familiarize yourself with your firm’s policies. They often exist to guide advisers in doing the right thing. If you find a policy lacking (maybe something happened that wasn’t covered), suggest improvements. Many firms update policies based on adviser feedback from the field.
• Training and Discussion: Regular training on ethics and standards helps maintain an ethical culture. Firms might conduct annual refresher training on the Code of Ethics (which can count as CPD). These shouldn’t be tick-the-box exercises – good training involves scenario discussions that make people think. Participate actively in such training. Also, encourage informal discussions about ethics. If you encountered a tricky scenario, share it (anonymized) with colleagues and ask how they’d handle it. Making ethics a normal part of conversation de-stigmatizes it and keeps everyone alert to doing the right thing. Some organisations have ethics committees or designate an ethics champion that staff can go to with questions – know these resources.
• Alignment of Incentives: As mentioned, how advisers are evaluated and rewarded drives behaviour. Ethically conscious firms have been moving to align incentives with client satisfaction and compliance. For example, bonuses might consider client feedback scores, retention rates, compliance audit results, not just sales volume. If you have input on compensation design (maybe as a manager or giving feedback to management), advocate for incentive structures that don’t encourage conflict or undue risk-taking. It’s better for long-term firm health too – a sales-only focus often leads to future scandals. If you’re an employee and feel pressured by a commission structure, have an open dialogue with your employer about alternative arrangements (some firms might offer a salary+bonus model as opposed to pure commission if they realize it’s causing issues).
• Ethical Decision Support: Firms can establish processes for advisers to get guidance when in doubt. This might be an internal forum, a quick access to legal/compliance advice, or even paying for consultations with external ethics experts. Make use of these. It’s much safer to seek guidance before acting than to clean up an ethical mess later. In Australia, with the new Single Disciplinary Body coming, firms have increased motive to catch and correct issues internally – so fostering an environment where advisers raise potential breaches or dilemmas early is beneficial. If your firm has a non-punitive approach to honest mistakes or questions, that encourages transparency. If, however, you find yourself in a firm that punishes people for admitting issues or systematically ignores ethical standards, you may need to escalate concerns or consider changing firms. Being in a toxic culture is hazardous; while it’s admirable to try to reform it from within, sometimes the better choice is to leave and then possibly report serious misconduct to regulators if clients are at risk.
• Client-Centred Culture: Put simply, organisations that truly put the client at the centre tend to naturally encourage ethical conduct. If every discussion in the firm, from product strategy to marketing, starts with “How does this benefit our clients? Are we delivering value?”, then advisers are empowered to act in alignment with that. As an adviser, you can champion the client’s perspective in internal meetings. For example, if management suggests a new fee, ask “How will we explain this to clients? Is it adding value commensurate with cost?” By always bringing conversations back to client impact, you position yourself as a voice of integrity and likely earn respect internally (even if it challenges some profit-driven ideas). Many banks and firms now have slogans or principles like “Do the right thing” or “Clients first.” The key is to make sure it’s not just a slogan – call out (tactfully) when something proposed doesn’t match that credo.
• Accountability and Learning from Mistakes: An ethical firm doesn’t expect perfection, but it holds itself accountable and learns from errors. If a compliance audit finds some advice files were subpar, the firm addresses it through training or coaching, rather than covering it up. If a client was mis-served, the firm compensates them promptly and examines what went wrong. As an adviser, you should embrace audits and compliance reviews as feedback rather than annoyance. They help keep you on track and catch potential issues. If you do slip up and breach a rule or code standard, owning it and fixing it is the ethical response. Firms may be lenient when they see honesty and proactive correction versus if someone hides mistakes.

Also, when positive ethical behaviour happens, it’s great if firms reward or recognize it. For instance, an adviser who forgoes a big commission to do the right thing for a client might be praised in a team meeting or given other recognition. This reinforces to everyone that integrity is valued. If you’re in a position to, share such success stories.

Compliance and Ethics – Two Sides of the Same Coin

Earlier we distinguished compliance from ethics. In practice, a strong compliance system is a foundation for ethics. Compliance provides the guardrails (e.g., systems that don’t allow a trade without a risk profile on file, or require approvals for exceptions). Advisors should not see compliance as a nagging police, but as support that helps ensure we don’t accidentally stray. Indeed, most compliance rules in advice (like documentation, disclosure, needs analysis) are essentially formalized ethics – they make sure we do the basic right things for clients. By diligently following compliance procedures, you are already implementing ethical behaviour. However, don’t lose the spirit: if a compliance rule seems to allow something borderline, remember the higher ethic might still guide you to refrain. Compliance can be the minimum, and ethics often ask for more.

For example, compliance might not explicitly forbid selling a high-fee product if disclosed, but ethics might ask, “Is this really best for the client or am I just doing it because it’s allowed and pays me more?” The answer might lead you to choose a better path even if technically you could comply and sell the high-fee option.

Many firms now talk about “conduct risk” – meaning the risk of behaviours that could harm clients or markets, which often come from unethical conduct. Managing conduct risk is about creating an environment where the focus is on good client outcomes. In regulatory terms, ASIC, FCA, and SEC are all pivoting to measuring firms by outcomes (did clients get advice that left them in a better position?) not just ticking compliance boxes. So ethics and compliance are converging – good compliance should lead to ethical outcomes, and ethical culture makes compliance meaningful rather than perfunctory.

If Ethical Issues Arise: Remediation and Improvement

No matter how principled, mistakes or issues can occur. What defines a professional is how one responds. If you find out an ethical breach occurred (by you or within your firm):

• Rectify the Client’s Situation: The client’s interest comes first, so immediately act to correct any harm. This could mean informing the client of the error, not charging them a fee that wasn’t earned, compensating for any losses caused, etc. Quick and fair remediation can turn a potential complaint into a trust-building exercise – clients realize you put their welfare above your own embarrassment or cost.
• Report if Necessary: If it’s a significant breach or one required to be reported to regulators (there are thresholds in Australia for reporting breaches to ASIC), ensure it is reported as per law. Transparency with regulators is important (remember FCA’s Principle 11 equivalent exists in spirit everywhere – regulators expect honesty). Hiding things often leads to worse consequences.
• Analyse the Root Cause: Was the issue a one-time oversight, or did something in the process allow it? Maybe training was lacking, or there’s an unclear policy, or an individual needs more supervision. Work with your team to fix the root cause so it doesn’t recur.
• Reflect on Personal Lessons: Mistakes can be powerful teachers. An adviser who once faced a client complaint about poor communication might learn to communicate much more clearly thereafter. Share your lessons with colleagues (it takes humility, but it benefits everyone’s growth).

The Rewards of Integrity

Though maintaining integrity requires effort and sometimes short-term sacrifice, it yields significant rewards:

• Trust and Loyalty: Your clients will stick with you through thick and thin, and refer others, when they know you’re honest and will do right by them always. Trust is especially key in volatile times (market crashes, etc.) – an adviser with a track record of integrity can better calm and guide clients because the relationship is strong.
• Professional Pride: You can end each day knowing you did work that helps people and that you didn’t compromise your values. This contributes to job satisfaction. Many advisers cite helping clients and being respected for honesty as reasons they love their job.
• Reputation and Career Advancement: In a regulated industry, a good reputation is invaluable. It can open doors – whether promotions, partnership offers, or media opportunities – because people know you’re credible. Conversely, one ethical misstep could limit your career severely (nobody wants to hire an adviser with a history of misconduct).
• Contribution to the Profession’s Future: By upholding integrity, you become part of elevating the entire field of financial advice. Especially in Australia, where trust is rebuilding after scandals, each adviser who consistently puts clients first is contributing to a better public perception. Over time, this means more people seeking advice (because they trust the profession), which is good for business too. You can be proud to say you’re a financial planner when the profession is known for high ethical standards.

In conclusion, aligning personal and organisational conduct with ethical standards is about creating consistency – there shouldn’t be a gap between what we profess (in codes and PR statements) and what we do day-to-day. When advisers and firms truly walk the talk, clients notice, regulators ease off (because they see a self-governing culture), and the advisory business thrives on a foundation of trust. As an adviser, you have both the power and responsibility to shape that culture through your actions and advocacy for ethical practices within your firm.

Conclusion

Professional integrity in financial practice is not a one-time achievement but an ongoing commitment. Through this exploration, we’ve seen that integrity underpins every aspect of a financial adviser’s role – it is the bedrock of client trust, the guiding star for navigating conflicts and dilemmas, and the measure by which the industry is judged by the public. For Australian financial planners, operating in an environment of robust regulations and high expectations post-FASEA and the Royal Commission, integrity is both a legal requirement and a professional creed.

By examining real-world scenarios, we identified common ethical pitfalls – from conflicts of interest with compensation to pressures from sales targets and complex client situations – and how to recognize the red flags that accompany them. We discussed how global regulatory bodies like ASIC, the FCA, and the SEC are converging in their insistence that advisers act honestly and put clients first, even if their methods differ. These frameworks, along with professional codes of ethics (such as the FASEA Code or CFP/FPSB principles), create a strong scaffolding to support ethical practice. Yet, rules and codes come alive only when advisers embrace them in spirit.

Applying structured decision-making models gives advisers practical tools to resolve ethical quandaries with confidence. Whether using the CFA Institute’s “Identify-Consider-Act-Reflect” approach or a similar step-by-step process, having a methodical way to think through tough decisions ensures no stone is left unturned – the client’s needs, the applicable standards, and the consequences are all weighed before action. The case studies and examples we covered illustrate that often the ethical route, while requiring courage or short-term sacrifice, leads to the best long-term outcomes for both client and adviser. In contrast, cutting corners or yielding to improper incentives tends to backfire, harming clients and reputations.

We also highlighted that integrity must be cultivated both personally and within one’s organisation. Advisers should strive to be ethical leaders – continuously educating themselves, speaking up for what’s right, and treating clients with the care and fairness they deserve. At the same time, firms should foster a culture where ethical conduct is the norm, supported by appropriate incentives and open dialogue. When personal values and corporate values align around integrity, the result is advice that is not only compliant but truly client-centric and trustworthy.

In a profession built on fiduciary responsibility, an adviser’s most precious asset is their reputation for integrity. Every decision and interaction either strengthens or weakens that reputation. By consistently choosing the path of integrity – being transparent, placing the client’s interest above our own, and adhering to both the letter and spirit of ethical standards – we earn the kind of trust that leads to enduring client relationships and a fulfilling career.

For Australian financial planners, meeting Continuing Professional Development (CPD) standards in ethics is not just about checking a box for hours; it’s about integrating these learnings into daily practice. The knowledge of global best practices and regulatory expectations gained here should translate into sharper ethical awareness in client meetings, more thorough due diligence when recommending products, and a greater willingness to challenge practices that don’t align with client-first principles. This is how we ensure that the lessons of past industry failures are acted upon – by each of us taking responsibility to do better and to exemplify the true meaning of a professional.

In closing, professional integrity is both a moral duty and a professional strategy. It is the key to client trust, which in turn is the key to long-term success in financial advice. By navigating challenging situations with the frameworks and principles discussed, advisers can provide advice that is not only compliant and technically sound, but also ethically sound and centered on what truly matters: the client’s well-being. Such advice stands the test of time and scrutiny, and it elevates the standing of the financial planning profession as a whole.

As you move forward in your practice, remember that integrity is a journey. It’s reinforced with every ethical decision, big or small. By continually honing your ethical skills and holding yourself to the highest standards of professional conduct, you ensure that your advice remains worthy of the trust your clients place in you. In the words of one more industry maxim: “Trust is earned in drops and lost in buckets.” Maintain your integrity in each decision – those steady drops will build a reservoir of trust that sustains your practice and the financial security of those you serve.

References:

1. ASIC – Financial Planners and Advisers Code of Ethics 2019. Summary of the code’s standards and values.
2. CFA Institute – Ethical Decision-Making Framework. Four-step framework (Identify-Consider-Act-Reflect) for analyzing ethical scenariosinteractive.cfainstitute.orginteractive.cfainstitute.org.
3. Investopedia – Ethical Issues Financial Advisors May Face. Overview of conflicts like fees vs commissions and sales vs advice, emphasizing putting client’s needs first.
4. Professional Planner – “Conflicts and the Code” (Aug 2023). Discussion of FASEA Code Standard 3’s intent to eliminate conflicts, with Simon Longstaff’s “reasonable person” test for identifying conflicts.
5. Sycurio Glossary – FCA Code of Conduct (UK). Key principles expected of UK firms and advisers: integrity, competence, due diligence, treating customers fairly, etc.
6. Advisor Perspectives (Matthew Jarvis, 2024) – The Importance of Authenticity in Financial Advising. Explores how honesty, transparency, and reliability build client trust and the consequences of inauthentic (unethical) practices.
7. CFO Selections (2024) – Integrity in Finance – Why Establishing Trust Matters. Defines integrity and its benefits (trust, reputation) and cites trust statistics and scandals highlighting the need for ethical leadership.
8. FASEA (Longstaff, Hunt, 2020) – Everyday Ethics for Financial Advisers. Guide linking FASEA Code values to practical case studies; emphasizes applying ethical frameworks and the idea of profession-wide ethical foundation.
9. FINRA – Rules on Suitability and Best Interest. FINRA Rule 2111 (Suitability) and SEC Regulation Best Interest outline U.S. brokers’ obligations to act in clients’ best interests, bridging towards a fiduciary standard.
10. FPSB (Financial Planning Standards Board) – Code of Ethics and Professional Responsibility. Principles for CFP practitioners globally (Integrity, Objectivity, Fairness, etc.), requiring professionals to act with honesty and in clients’ best interests.