- Uphold the fiduciary standard. Recommendations and advice must always be in the best interest of the client, not swayed by commissions or pressure from the firm.
- Provide holistic financial advice. Advice must cover all aspects of a client’s financial health and wellbeing, including budgeting, savings, investments, taxes, insurance, and estate planning, although some areas can and probably should be outsourced.
- Embrace transparency. Fully disclose conflicts of interest and compensation — fees and commissions.
- Perform due diligence. Identify the client’s unique financial goals, research products and solutions to meet those goals, plug any gaps, and adjust as needed.
- Be a team player. Be willing and able to bring in other financial and legal expertise to meet the client’s needs.
- Be accountable. Take responsibility for the advice and recommendations given. The buck stops here.
- Appreciate the gravity of the situation. Financial advice can have a huge positive or negative impact on the lives of clients and their families.