🔥 Hello Lamplighters! 🔥
I hope you're all doing well. Today, I'd like to discuss a topic that's close to my heart and central to our mission: The Ethical Dilemmas in Financial Planning.
👼 The Angel and The Devil on Our Shoulders 👹
We've all been there—caught between the angelic voice urging us to act in the best interests of our clients and the devilish whisper tempting us to prioritise our own gains. It's a moral tightrope, and the choices we make define not just our careers but the very fabric of our industry.
🤔 The 'Squabbling' Debate 🤔
Recently, an article in FTAdviser caught my eye. It suggested that advisers need to stop 'squabbling amongst themselves' over models and methods. While the call for unity is commendable, it's crucial to remember that not all methods are created equal. Some are designed to exploit, and turning a blind eye is not an option.
📈 The Real Issues 📉
Tied vs Independent Advisers: Transparency is key. Clients deserve to know.
Active Fund Management Fees: Are clients truly getting value for their money?
Ad Valorem Fees: Is moving assets around adding genuine value to financial plans?
🌍 The Bigger Picture 🌍
While the industry does need to address larger issues like diversity and climate change, it doesn't mean we should ignore the ethical dilemmas right in front of us. As Edmund Burke said, "The only thing necessary for the triumph of evil is for good men to do nothing."
🎨 Visualising the Dilemma 🎨
To encapsulate this, we're working on a photorealistic image that portrays a financial adviser caught between the counsel of an angel and a devil. It's a vivid reminder of the ethical choices we face daily.
🗨️ Your Thoughts? 🗨️
I'd love to hear your opinions on this. How do you navigate these ethical dilemmas? What changes do you think our industry needs to make?
Looking forward to a fruitful discussion!
Best regards, Steve