Happy anniversary, Strictly Speaking

Article Abstract:

The Journal of the American Society of CLU and ChFC's column on ethics, Strictly Speaking, has consistently addressed ethical issues since its first appearance in Jan 1984. The column recognizes how easy it is to violate ethics because agents become convinced that an action is not unethical because it is not illegal, it is in the company's best interest, no one will find out or the company will benefit. Agents must recognize the ethical issues involved in every business decision and conduct business with client-centered ethical standards.

Analysis, Ethics, Financial planners, Situation ethics

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Three myths of risk tolerance: what clients are not telling you

Article Abstract:

The concept of risk tolerance in financial planning has been misunderstood because of three myths stating that clients know their acceptable risk, risk is a one-dimensional attitude and older clients are more risk averse. The Boettner Institute's National Investment Risk Survey found no age link with risk-taking behavior, found risk to be complex and found that most clients underestimate their risk tolerance. Financial planners should work to understand their clients to truly determine their risk tolerance.

Psychological aspects, Economic aspects, Financial planning, Risk-taking (Psychology), Risk taking

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Strictly speaking: ethics and compliance

Article Abstract:

Ethics and compliance form a reciprocal relationship. Being ethical demands financial service advisers go beyond the law, yet when internal controls have lost their effect, compliance becomes necessary. Compliance exists to help encourage ethical behavior by offering the possibility of punishment if unethical behavior is proven. Advisers who want fulfilled lives need to set high goals and do their best to achieve them.

Financial Services, Finance and Insurance, United States, Financial services industry, Compliance, Compliance (Psychology)

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