All members of the financial services industry have a duty to take ownership for the decisions made or that they fail to make along with the actions taken or not taken and the resulting consequences. Furthermore:
- Financial planners, insurance agents, investment firms, insurance companies and other members of the financial services industry should pledge to abide by The Financial Integrity Pledge
- Decisions and actions should be based on your best interests
- Financial advisors including insurance agents and online brokers should state whether they represent one company or if they have access to multiple companies and can provide options.
- You shouldn’t pay twice for the same service. If a fee is paid for planning or review services that result in a commission on the sale of product, the fee should be returned.
Any unethical or illegal conduct should be reported to the appropriate party and, if necessary, to all those impacted by the conduct.
Note: Keep in mind that not all financial advisors are fiduciaries. Insurance agents specifically are not fiduciaries and are agents of the Insurance Company(ies). An advisor’s recommendation should not be influenced by commissions, bonuses or other incentives (cash or non-cash). An advisor should not collect a fee and a commission from the same client for the same work.
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