Results for "Ask the Ethicist"

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Ask the Ethicist: How should an adviser deal with a paranoid older woman?

September 10, 2018

Question: I am a financial planner with a small practice. I do not manage money. I do not sell any investment or insurance products. I charge hourly and flat fees for my services. I serve my clients by offering unbiased and unconflicted advice...

Adviser compensation involves a conflict that can be managed — but not avoided

July 30, 2018

Over the past year, the Certified Financial Planner Board of Standards imposed discipline on several individuals regarding the way they disclosed compensation to clients and prospective clients. Specifically, the cases involved uses of the term...

TV show paints bleak picture of financial planners

May 29, 2018

It is not often that a financial planner is portrayed on television or films doing what real financial planners do. Most TV series and movies feature over-the-top portrayals of bombastic brokers, crooked hedge fund managers and greedy investment...

Ask the Ethicist: CFP professional wonders about possible part-time gig

April 30, 2018

Question: I am a newly minted CFP professional. Last year I launched a solo practice offering modular as well as comprehensive financial planning on a fee-only basis. I charge clients a subscription fee as well as hourly fees for services not...

What does the new CFP standard mean for a CFP at a wirehouse?

March 29, 2018

Question: I am a CFP professional working for a major wirehouse. I provide investment management services and charge an asset management fee tied to the size of the account. I can do financial planning for clients, when needed or requested,...

Ask the Ethicist: How big a gift is too much?

January 29, 2018

Q: Over the years I have developed a rewarding relationship with an estate attorney in my area. I refer clients to him and occasionally he sends a referral my way too. More frequently, he sends me something in return for my referral. This started...

Ask the Ethicist: Help the CFP Board improve its revised standards

December 27, 2017

On Dec. 20, the CFP Board released the second draft of its proposed revisions to the Standards of Professional Conduct. The first draft was released during the summer with a 60-day comment period. This latest version is open to comment from...

Ask the Ethicist: How to respond when your boss makes offensive sexual jokes

November 28, 2017

Q: With all of the recent events in the news regarding men behaving badly, I wanted to get your input on something that happened in a business meeting I attended. There were both men and women in the meeting. All of us ran branches of the same...

When an ultrahigh-net-worth prospect has needs beyond your expertise

October 2, 2017

QUESTION One of my best clients referred me to his old college roommate who is now the CEO of a promising biotech start up firm in my city. Let's call him Sam. I appreciate the recommendation, but it created an unusual problem that I am unsure...

Ask the Ethicist: How can advisers best disclose conflicts of interest related to compensation?

September 5, 2017

Q: I provide financial planning and investments as a dually-registered person with an insurance company. I offer financial planning advice as an investment adviser representative of the insurance company affiliated registered investment adviser....

Don't forget: Comment period for CFP Board's new standards ends Aug. 21

July 21, 2017

Editor's note: Dan Candura takes a break from answering adviser questions this month, but will resume doing so in his next column. Last month the CFP Board of Standards Inc. released a proposal to update the Standards of Professional Conduct...

Ask the Ethicist: What should advisers do when married clients have conflicting objectives?

May 26, 2017

Q: My clients are both in their mid-40s and are doing well financially. The family income is in the low six figures and they have healthy 401(k) balances. They have a set of twins who will graduate from high school this month. One child plans...

Ask the Ethicist: What should an adviser do if their former firm violates a non-compete agreement?

April 28, 2017

Q: I'd like your opinion on something that happened to a friend of mine who recently left his position as a veteran adviser with a wirehouse to go independent. Before he left he mailed a "tombstone" letter to his clients so they were aware that...

Ask the Ethicist: When is it OK to allow employees to bring emotional support pets into the office?

March 31, 2017

Q: I have an unusual problem involving a long-term employee of my firm and a recent change in his behavior. Last month he started bringing his dog, a Jack Russell terrier, to the office. He claims the dog is an "emotional support animal" and...

The case for more prominently disclosing compensation and conflicts of interest

March 16, 2017

I didn't receive any questions this month to use as a source for this column. Maybe you were all too busy trying to figure out whether the Department of Labor's fiduciary rule is alive or dead? Or you could be trying to figure out how the American...

Ask the Ethicist: What happens when an adviser gets caught in the middle of divorcing clients?

February 1, 2017

Q: I married my husband a few years ago. It was a second marriage for both of us. Since I was moving across country after the marriage, we decided to use the financial adviser with whom he already had a strong relationship. His adviser was younger...

Ask the Ethicist: How to make a U-turn after retirement

November 21, 2016

This month's question concerns a woman who worked for many years in wealth management before retiring to an hourly consulting practice. Now she's thinking of returning to the workforce at a registered investment adviser firm. Q: I worked for...

Judging the presidential candidates by the CFP Board's standards of conduct

September 30, 2016

For the last year whenever I spoke to groups of CFP professionals across the United States I conducted an informal survey of the audience's preferences in the upcoming presidential election. I use a tool that allows participants to answer anonymously...

Ethical considerations advisers need to think about before switching firms

September 7, 2016

This month's question comes from an adviser who wants to know the ethical considerations of moving to an independent RIA from a large bank. Q: I am thinking of leaving my current position with a large bank to establish a position as an independent...

What advisers need to consider before starting a separate business venture

August 3, 2016

This month's question comes from an adviser who isn't sure whether starting another business venture distinct from his planning practice prompts any ethical problems. Q: My financial planning practice is thriving. Each year sees 15% to 20% growth...

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