Mark Harbour, on IMCA’s Code of Ethics for Private Wealth Advisors
4:01: You might not be an IMCA member, but you can check out its code of ethics online and see how it stacks up to your own.
3:43: Whoa, IMCA requires members review fees with their client annually. Harabour says its best to get it off the table and move on to what’s really important: your service.
3:39: The SEC seems set to hold everyone in IMCA — and the rest of the industry — to a fiduciary duty. Most people can’t tell the difference between financial planners and stock brokers, so its likely a good thing the regulators are stepping in.
3:36: National Association of Social Workers has an interesting ethics code, starting off with a articulation of shared values.
3:31: some of the toughest choices in ethics are not right vs wrong, but right vs. right: ie, truth vs loyaltyl individual vs. community.
3:28: Kids these days…apparently they’re willing to admit to their own lack of integrity in astonishing numbers.
3:25: We know we aren’t doing the right thing, but the industry admits to doing it anyway, ie: selective use of performance data, spinning the departure of a staff member, etc.
3:23: Recent survey findings: “transparent and honest practices” and trust were rated highest in choosing an advisor. Financial returns were rated lowest.
3:22: Ethics: Our capacity for obedience to the unenforceable.
3:20: Nice, start the ethics session with a clip of Madoff on how infractions can’t go unnoticed, circa 2007.
Click through (below) to the next page for coverage of Roger Ibbotson (chairman and CIO of Zebra Capital Management), Liquidity as an Investment Style.