scholarly journals Ethics in financial planning: Analysis of ombudsman decisions using codes of ethics and fiduciary duty standards

2021 ◽  
pp. 031289622110225
Author(s):  
Daniel W Richards ◽  
Abdullahi D Ahmed ◽  
Kenneth Bruce
Keyword(s):  
Financial Planning ◽  
Conflicts Of Interest ◽  
Codes Of Ethics ◽  
Jel Classification ◽  
Fiduciary Duty ◽  
Future Research ◽  
Professional Conduct ◽  
Best Interest ◽  
Policy And Practice ◽  
And Cluster Analysis

Scandals show that ethics is an important topic in financial planning. Our research analyses 212 financial ombudsman decisions (2013–2018) to understand the nature of financial planning misconduct in complaint decisions. We develop a coding structure to ascertain what professional conduct involves and then use content analysis and cluster analysis to identify the aspects of professional conduct occurring in these misconduct decisions. Diligence, acting in the client’s best interest and having no reasonable basis for advice are interconnected elements in over half of these decisions. Secondary elements are misleading statements, conflicts of interest and disclosure. Analysis of decisions involving fiduciary duty showed that financial planners failed to ascertain a client’s circumstances and did not form advice based on their client’s information. As financial planning professionalises, future research, financial planning education, policy and practice should address these issues. JEL Classification: D14, G20, G50

Evaluating the Evolution of the Personal Financial Planning Industry: Mutualism, Commensalism, or Parasitism

2021 ◽  
Vol 6 (2) ◽  
pp. 72-81
Author(s):  
Bryan Teoh Phern Chern
Keyword(s):  
Financial Planning ◽  
Conflicts Of Interest ◽  
General System ◽  
Jel Classification ◽  
Regulatory Body ◽  
Investment Strategies ◽  
Financial Health ◽  
The Past ◽  
Industry Standards ◽  
Personal Financial Planning

Objective – The personal financial planning and advice industry has been a growing industry for the past years and will continue to experience growth as the general wealth of the public increases, along with the economic recovery post Covid-19. This industry includes registered investment advisors (RIA) which are licensed by a locally approved institution, and financial educators and influencers that do not require licensing by a regulatory body. Methodology – There are many benefits that these parties can bring towards the financial health of their clients and viewers such as having a thorough personal financial plan, investment strategies, and retirement planning. However, this industry has also received many negative feedbacks and experiences from clients regarding the general system of the industry or specific areas within the sector. One of the objectives of this article is to evaluate the evolution of the personal financial planning industry over the years, how it has transitioned from traditional methods into current industry standards, and where it might be heading in the coming years. Findings– The findings of the paper provide clarity and insight into the mature industry which can benefit current and potential consumers, promoting healthier industry development. Novelty – The next objective is to investigate the risk and rewards of the current personal financial planning and advice industry towards consumers. This paper will critically review the past literature and evaluate contemporary views from various perspectives to achieve the above objectives. Type of Paper: Review JEL Classification: G20 I22 Keywords: Conflicts of interest; Financial advice; Financial planning; Influencers; Personal finance

scholarly journals Disclosure effectiveness in the financial planning industry

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daniel W. Richards ◽  
Maryam Safari
Keyword(s):  
Financial Planning ◽  
Financial Services ◽  
Conflicts Of Interest ◽  
Influential Factors ◽  
Future Research ◽  
Financial Services Industry ◽  
Content Type ◽  
Disclosure Requirements ◽  
Financial Planners ◽  
Services Industry

Purpose Scandals in the Australian financial services industry highlight the conflicts of interest between those who provide financial advice (financial planners) and their clients. Disclosure is a potential governance tool to manage these conflicts of interest by reducing asymmetries in information. Yet, the efficacy of disclosure is questionable as scandals persist, so this paper aims to research the effectiveness of disclosure in financial planning. Design/methodology/approach This research used a qualitative approach involving the triangulation of data from parliamentary inquiries in financial services with data collected in semi-structured interviews with financial planning professionals. Findings The findings draw a clear portrayal of the disclosure requirements and illustrate how disclosure processes are onerous and complex. Starting with detangling the complex interactions between the beneficial role of disclosure in reducing information asymmetry and unethical behaviour and the detrimental effect of information overload, the authors then highlight effective disclosure techniques used by financial planners, including visualisation of material information. The study reveals that financial planners perceive their role as filtering information for clients and ensuring clients’ comprehension, due to the onerous disclosure requirements. Research limitations/implications The study is of interest to researchers, practitioners, policymakers and society as it implies that how disclosure occurs is as important as what information is disclosed. Those who wish to foster effective disclosure in the financial services industry need to consider the quantity, quality and process of disclosure. A limitation is the research focusses on financial planning practices and not client outcomes, which could be considered in future research. Originality/value The study adds to the understanding of how disclosure is used as a governance tool and how the quantity of information may impede the effectiveness of disclosure in the financial planning industry. In addition, the study identifies and elaborates on the influential factors and best practices for enhancing the disclosure effectiveness by financial planners.

The implications of the Mental Capacity Act (MCA) 2005 for advance care planning and decision making

2018 ◽  
Author(s):  
Simon Chapman ◽  
Ben Lobo
Keyword(s):  
Decision Making ◽  
End Of Life ◽  
Advance Care Planning ◽  
Care Planning ◽  
Best Interest ◽  
Policy And Practice ◽  
Advance Care ◽  
Current Context ◽  
Mental Capacity Act ◽  
End Of Life Decision

This chapter provides an overview of the MCA’s impact on end-of-life care. It situates the MCA in the current context of policy and practice. It describes how the MCA can be used to improve care, enable people to express and protect choices, and empower and enable the professional and/or the proxy decision maker. It also presents an introduction and explanation of the role of the IMCA and how it might apply to advance care planning (ACP) and end of life decision making, and an explanation of the legal and ethical process involved in reaching best interest decisions, especially for potentially vulnerable people in care homes and other settings.

The Interplay of Developing Morality and Gender Attitudes

2020 ◽  
pp. 724-745
Author(s):  
Rebecca S. Bigler ◽  
Lynn S. Liben
Keyword(s):  
Psychological Theory ◽  
The United States ◽  
Gender Nonconformity ◽  
Gender Attitudes ◽  
Future Research ◽  
Policy And Practice ◽  
Ethical Policy ◽  
History Of ◽  
And Gender ◽  
And Behavior

Morality and gender are intersecting realms of human thought and behavior. Reasoning and action at their intersection (e.g., views of women’s rights legislation) carry important consequences for societies, communities, and individual lives. In this chapter, the authors argue that children’s developing views of morality and gender reciprocally shape one another in important and underexplored ways. The chapter begins with a brief history of psychological theory and research at the intersection of morality and gender and suggests reasons for the historical failure to view gender attitudes through moral lenses. The authors then describe reasons for expecting morality to play an important role in shaping children’s developing gender attitudes and, reciprocally, for gender attitudes to play an important role in shaping children’s developing moral values. The authors next illustrate the importance and relevance of these ideas by discussing two topics at the center of contentious debate in the United States concerning ethical policy and practice: treatment of gender nonconformity and gender-segregated schooling. The chapter concludes with suggestions for future research.

scholarly journals A gold mine, but still no Klondike: Nordic register data in health inequalities research

2019 ◽  
Vol 47 (6) ◽  
pp. 618-630 ◽  
Author(s):  
Kjetil A. Van Der Wel ◽  
Olof Östergren ◽  
Olle Lundberg ◽  
Kaarina Korhonen ◽  
Pekka Martikainen ◽  
...  
Keyword(s):  
National Level ◽  
Data Access ◽  
Register Data ◽  
Future Research ◽  
Gold Mine ◽  
Birth Cohorts ◽  
Policy And Practice ◽  
Research Papers ◽  
Processing Times ◽  
Acquisition Processes

Aims: Future research on health inequality relies on data that cover life-course exposure, different birth cohorts and variation in policy contexts. Nordic register data have long been celebrated as a ‘gold mine’ for research, and fulfil many of these criteria. However, access to and use of such data are hampered by a number of hurdles and bottlenecks. We present and discuss the experiences of an ongoing Nordic consortium from the process of acquiring register data on socio-economic conditions and health in Denmark, Finland, Norway and Sweden. Methods: We compare experiences of data-acquisition processes from a researcher’s perspective in the four countries and discuss the comparability of register data and the modes of collaboration available to researchers, given the prevailing ethical and legal restrictions. Results: The application processes we experienced were time-consuming, and decision structures were often fragmented. We found substantial variation between the countries in terms of processing times, costs and the administrative burden of the researcher. Concerned agencies differed in policy and practice which influenced both how and when data were delivered. These discrepancies present a challenge to comparative research. Conclusions: We conclude that there are few signs of harmonisation, as called for by previous policy documents and research papers. Ethical vetting needs to be centralised both within and between countries in order to improve data access. Institutional factors that seem to facilitate access to register data at the national level include single storage environments for health and social data, simplified ethical vetting and user guidance.

scholarly journals Bringing the User Back in the Building: An Analysis of ESG in Real Estate and a Behavioral Framework to Guide Future Research

2021 ◽  
Vol 13 (6) ◽  
pp. 3239
Author(s):  
Shirley Kempeneer ◽  
Michaël Peeters ◽  
Tine Compernolle
Keyword(s):  
Real Estate ◽  
Social Science ◽  
Environmental Psychology ◽  
Fiduciary Duty ◽  
Future Research ◽  
The Real Estate ◽  
Investment Value ◽  
Real Estate Sector ◽  
Sustainable Investments

Investors are currently obliged to take environment, social, and governance (ESG) issues into consideration as part of their fiduciary duty. As such, it becomes increasingly important to identify sustainable investments that also hold financial value. A sector where this is especially underdeveloped is real estate. This has a lot to do with the obfuscated conceptualization of ESG. The article identifies key gaps in the literature and practice and provides a framework to further the understanding of how ESG factors can add societal and financial value in the real estate sector. A key premise of the article is that the user in the building is grossly overlooked. Drawing on insights from behavioral social science and environmental psychology, the paper explains the role of the user in improving buildings’ ESG, also taking into account the investment value. To conclude, the article makes the case that the transition to user-centered smart real estate is the solution to improving both the environmental (E) and social (S) sustainability of buildings, as well as their investment value. Therefore, practitioners and academics are encouraged to critically evaluate and contextualize the ESG framework they are using as well as the extent to which users are considered and smart technology is employed.

scholarly journals 10.B. Workshop: Corporate influence on science – what is happening and what can be done?

2020 ◽  
Vol 30 (Supplement_5) ◽  
Author(s):  
◽  
Keyword(s):  
Fossil Fuels ◽  
Conflicts Of Interest ◽  
Research Process ◽  
Policy Outcomes ◽  
Policy And Practice ◽  
Industry Funding ◽  
Corporate Influence ◽  
Pharmaceutical Industries ◽  
The Impact ◽  
Funding Research

Abstract The role of the corporate sector in research sponsorship is growing. So too is the evidence that corporations whose products are potentially damaging to health or the environment influence science and the ways in which science is used in policy and practice. Such efforts are a key part of corporate attempts to maintain or increase the consumption or use of industry products, and to secure favourable policy outcomes. The products and practices of corporations are responsible for a growing proportion of the global disease burden. Non-communicable diseases, many driven by consumption of unhealthy commodities and exposure to chemicals, account for over 73 percent of global deaths. It is increasingly important to understand the complex and multifaceted ways corporations seek to influence science; the impact these strategies have; and the ways this influence can be addressed. This workshop brings together global experts to explore these issues. Drawing on examples from several industries (e.g. tobacco, alcohol, food, and pharmaceuticals), it aims to: Increase understanding of the ways corporations whose products are potentially damaging to health influence science. We present a newly developed, evidence-based typology which draws together the vast existing literature in this field, to present a simplified way of understanding corporate influence on science. Delegates will be provided with materials that provide a means for recognising such influence.Examine the influence that corporations have on the first stage in the research process - research agendas. We present examples from tobacco, food and pharmaceutical industries which illustrate the mechanism through which industry funding of science drives researchers to study questions that are favourable to industry. The desired outcome is to maximise research on the benefits of industry products (positioning these products as solutions to complex problems), minimise research on the harms of their products, support their policy and legal positions, and impede potential regulation of their products.Increase awareness of the involvement that corporations have had in altering the mechanisms though which science is used in policymaking. Delegates will hear how corporations promoted and embedded policymaking reforms which increase reliance on and provide a conduit for industry-favourable science.Suggest ways forward concerning management of conflicts of interest in the publication of health research. Here we will discuss the roles that journals can play in governing conflicts of interest and issues of transparency in the publication of academic research.Suggest ways forward for funding research on unhealthy commodities. We present criteria for tobacco industry-supported research funding programs, and discuss the applicability of similar programs for funding research on other unhealthy commodities, and on the practices of other industries such as the fossil fuels industry. Key messages Corporations have been seen to skew evidence bases, manipulate interpretations of science, and influence use of science in policy and practice – such influence is a major threat to public health. This workshop exposes industry tactics in this area and begins to identify ways for dealing with them.

scholarly journals Corruption in Construction Projects: Bibliometric Analysis of Global Research

2021 ◽  
Vol 13 (8) ◽  
pp. 4400
Author(s):  
Zhao Zhai ◽  
Ming Shan ◽  
Amos Darko ◽  
Albert P. C. Chan
Keyword(s):  
Construction Projects ◽  
Research Policy ◽  
Mitigation Strategies ◽  
Future Research ◽  
Policy And Practice ◽  
Policy Makers ◽  
Research Areas ◽  
Body Of Knowledge ◽  
Emerging Trends ◽  
Global Research

Corruption has been identified as a major problem in construction projects. It can jeopardize the success of these projects. Consequently, corruption has garnered significant attention in the construction industry over the past two decades, and several studies on corruption in construction projects (CICP) have been conducted. Previous efforts to analyze and review this body of knowledge have been manual, qualitative and subjective, thus prone to bias and limited in the number of reviewed studies. There remains a lack of inclusive, quantitative, objective and computational analysis of global CICP research to inform future research, policy and practice. This study aims to address this lack by providing the first inclusive bibliometric study exploring the state-of-the-art of global CICP research. To this end, a quantitative and objective technique aided by CiteSpace was used to systematically and computationally analyze a large corpus of 542 studies retrieved from the Web of Science and published from 2000 to 2020. The findings revealed major and influential CICP research journals, persons, institutions, countries, references and areas of focus, as well as revealing how these interact with each other in research networks. This study contributes to the in-depth understanding of global research on CICP. By highlighting the principal research areas, gaps, emerging trends and directions, as well as patterns in CICP research, the findings could help researchers, practitioners and policy makers position their future CICP research and/or mitigation strategies.

Implementation of Pre–Employment Transition Services: A Content Analysis of Workforce Innovation and Opportunity Act State Plans

2021 ◽  
pp. 216514342199302
Author(s):  
Joshua P. Taylor ◽  
Holly N. Whittenburg ◽  
Magen Rooney-Kron ◽  
Tonya Gokita ◽  
Stephanie J. Lau ◽  
...  
Keyword(s):  
Content Analysis ◽  
Research Policy ◽  
Transition Services ◽  
Future Research ◽  
Policy And Practice ◽  
Youth With Disabilities ◽  
Individuals With Disabilities ◽  
Integrated Employment ◽  
Employment Transition ◽  
Workforce Innovation

Many youth with disabilities experience persistently low rates of competitive integrated employment (CIE) and participation in higher education. In 2014, the Workforce Innovation and Opportunity Act (WIOA) established a policy focus on CIE as the goal of vocational services for youth and individuals with disabilities. In addition, WIOA created provision for Pre–Employment Transition Services (Pre-ETS) to ensure that state vocational rehabilitation (VR) agencies focused sufficient resources toward transition-age youth. This study examined a sample of WIOA State Implementation Plans in depth using content analysis to identify how state VR agencies prioritized the provision of Pre-ETS services to youth with disabilities. Analysis of state plans resulted in three emergent themes: (a) instructional priorities, (b) instructional contexts, and (c) networks of stakeholders. We discuss the implications of these themes for future research, policy, and practice related to the employment of individuals with disabilities.

Using the Core Concepts Framework to Understand Three Generations of Inclusive Practices

Inclusion ◽  
2014 ◽  
Vol 2 (3) ◽  
pp. 237-247 ◽  
Author(s):  
Karrie A. Shogren ◽  
Michael L. Wehmeyer
Keyword(s):  
Research Policy ◽  
Future Research ◽  
Third Generation ◽  
Inclusive Practices ◽  
Policy And Practice ◽  
Inclusive Practice ◽  
The Core ◽  
Three Generations ◽  
Core Concepts ◽  
The Relationship

Abstract This article analyzes the relationship between the core concepts of disability policy and the three generations of inclusive practices. Specifically, we review the three generations of inclusive practice, highlighting the core concepts that have been most strongly emphasized during each generation of inclusive practices. Because we are early in the third generation of inclusive practices, we conclude by examining how the core concepts can guide and direct third generation inclusive practices and how future research, policy, and practice can actualize the aspirational values of all of the core concepts to enable desired outcomes.

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