Financial Planning Ethics: Upping the Ante for Counting on Trust

The financial planning industry's future hinges on trust between planners and their clients. A new ethical standard drafted by the Accounting Professional and Ethical Standards Board may be just what's needed to drive the federal government's diluted Future of Financial Advice (FOFA) reforms further, eliminating conflict of interest problems due to carve-outs for asset fees and commissions on life insurance. But many are skeptical about the high ethical standards proposed for those dispensing financial planning advice, while advocates argue the same sort of conflicted remuneration rules that promote trust in doctors, lawyers and accountants should apply to financial planners. Will their voices be heard above the uproar?