Code of Ethics – a Conscience for the Company
Ethical behavior was drilled into Dayley during his student tenure at
His time and experience in financial services has taught him that fundamentally the consumer is looking for advice they can trust. They want to work with a financial consultant who has the knowledge, experience and skills to help them achieve their personal objectives ─ one who truly cares about them. "People want to know what to do financially, not just be sold a product," relates Dayley. "If advice is provided in the context of a financial plan, it will establish the foundation of a trusting and lasting relationship."
Regarding the fiduciary responsibilities and maintenance of the ethical conscience of their companies, Dayley feels the imminent DOL changes will affect every financial consultant with higher expenses and substantial time to establish policies and procedures. According to Dayley, clients and the general public as they learn more about the DOL fiduciary rules, will expect more transparency in the relationship and will have an expectation that their personal goals are represented. "For those professionals who have always had the client's best interest in mind when making recommendations, the new regulations will not change that," continues Dayley. "However, for the financial consultants who play more of a product sales role, they may find compliance difficult, if not impossible."
As an ongoing commitment to their members and the public, the IARFC has initiated an Ethics Approval Program designed to promote adherence to their Code of Ethics. "Our new program fits in quite nicely with the consumer's need to validate a financial professional," advises IARFC Chairman
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