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Lawrence Groves- June 2005 The last few years have been a period of heightened scrutiny and scandal for the financial services industry. Most recently, the SEC issued a report on pension consultants regarding conflicts of interest and the objectivity of advice given to retirement plan sponsors. It’s become vital to the success of insurance and financial advisors that they differentiate themselves with their exemplary ethics, that they operate by a higher moral code and that they communicate that higher standard to their clients. Why? Because research proves that ethics builds trust, and trust sells — in the long-term and - in the short-term, as well. Taken from the SEC report and the information provided by the Dept of Labor, below are Affirmations of Ethical Behavior for Financial and Insurance Industry Representatives. The Ten Affirmations of Ethical Behavior 1.If registered with the SEC or a state securities regulator as an investment adviser I will provide my clients with all the disclosures required under those laws (including Part II of Form ADY). 2.I will describe any relationship I have with money managers that I recommend, consider for recommendation, or otherwise mention to the plan. 3.I will describe any payments I receive from money managers I recommend, consider for recommendation, or otherwise mention to the plan for consideration. 4. I have prepared policies and procedures to address conflicts of interest or to prevent conflicting payments or relationships from being a factor when providing advice to my clients. 5.I will monitor and reconcile the amount of commissions paid when using brokerage commissions to pay consulting fees and alert plan sponsors when consulting fees have been paid in full. 6.I have established procedural steps to ensure that the plan receives the best execution for its securities trades when the consulting fees are paid with the plan’s brokerage commissions. 7.I will describe any arrangements with broker-dealers under which I will benefit if money managers place trades for their clients with such broker-dealers. 8.If hired, I will acknowledge in writing whether or not I have a fiduciary obligation as an investment adviser to the plan while providing consulting services. 9.I will acknowledge whether or not I consider myself a fiduciary under ERISA with respect to the recommendations I provide the plan? 10.I will describe the percentage of my plan clients that utilize money managers, investment funds, brokerage services or other service providers from whom I receive fees? Post these affirmations on your website and include them in your marketing materials. If you complete the affirmations for prospective clients, you will have distanced yourself from the scandal ridden and differentiated yourself in an industry where the value added to products and services is quickly commoditized
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Advice Home Business Technology Online Advertising Motivational Internet Marketing SEO Help Online Games Science Articles Happiness More Articles:1. The Importance of Business Marketing By Tony Smith Business marketing is one of the most important parts that your business needs to be addressed with careful attention and proactive thoughts. In last decade or so, the importance of business marketing has increased volcanically, as the advent of Internet and online business has ushered a whole new era in business. It should be noted that the competition and urgency among businessmen has increased due to the fact that Internet has rendered a who… 2. How To Market Effectively Even If No One Understands What You Do So how do you effectively market your product or service when one knows anything about them because you're in a new and emerging industry? How can you expect to get customers if no one understands what it is that you do?If this is your situation then a big part of your marketing strategy will need to be educating consumers about what you do. If yours is a field that is relatively new, or perhaps misunderstood, adopting an education strategy can h… 3. One-Two-Three Punch Marketing By Catherine Franz Printed material is just as important today as it was before the Internet. With sp*a*m getting out of hand, it’s a wise choice to rev up, update or create printed material, ads, catalogs, direct mail, press releases, letters, templates and the like. You will notice that I didn't add brochures to this list. Brochures are not a good investment for a first piece. When someone asks for a brochure and you don't have one, this doesn't mean you ign… 4. Blog And Ping To Build Links Just What Is Blogging and Pinging?There is a new partnership in cyber-town called Blogging and Pinging. It is not a new comedy team or even a singing group, but a new way to build links and attract visitors to your website and to make more money. Blogging and Pinging is a marketing tool that can help anyone build their online business.Let’s start with a definition of a blog.Blog is short for weblog. A weblog is a journal that is frequently update… |