Voices from the Field: Ethics Challenges in Financial Advisory Practices

To better understand how values influence ethical choices in financial advisory practices, The American College Cary M. Maguire Center for Ethics in Financial Services conducted Voices from the Field: Ethics Challenges in Financial Advisory Practices, a qualitative research study that offers a rare, behind-the-scenes look at the ethical dilemmas financial advisors face — shared in their own voices.

This timely research highlights how advisors navigate real-world pressures, including conflicts of interest, compensation incentives, and the complexity of firm structures and regulatory environments that can make it difficult to act in clients’ best interests. Advisors spoke candidly about how personal values shape their decisions, how systems can fall short in supporting ethical behavior, and where trust is either built or broken in practice.

What the Research Reveals:

• Firsthand insights from in-depth interviews with financial advisors on the ethical tensions they regularly face
• A deeper understanding of how personal values influence professional choices and guide ethical decision-making
• The impact of compensation structures, regulatory inconsistencies, and firm expectations on advisors’ ability to serve clients ethically
• The disconnect between advisors’ intent to help and the systems that often hinder ethical action
• Actionable ideas for change, including how education, culture, and clearer governance can better support ethical behavior across the profession

Whether you work directly with clients, shape firm policies, guide regulatory compliance, or educate financial professionals, this research offers valuable insight into the challenges and opportunities for strengthening trust in today’s financial services landscape.

Download the full report to explore the findings and join the conversation on strengthening trust in financial services.

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