must be willing to place their own interests first, thus benefiting their valued clients. Educational institutions should teach advisers how to align client’s interests with advisers, not make one side subordinate to the other. Professional organizations should not promote the idea of “conflicts of interest,” for conflicts only exist among irrational people. They should not promote the pretense of altruism through ethical codes that demand advisers place clients’ interests above advisers’, for this sets up a hopeless contradiction and an impossible moral ideal for advisers. Every year, every day, the Securities and Exchange Commission, the FINRA, and every state Insurance Commissioner’s office grows stronger. They grow stronger because we, as an industry, sanction it. We openly admit to being in conflict with our clients. It sends the message that we are irrational, that we cannot be trusted, that we need laws to protect our clients from us. Our sanction of a pragmatic-altruistic moral code sacrifices what remains of our autonomy to the state and federal government. Is this what we really want? We point fingers at fellow advisers who sell commission-based products. We fight over which industry organization should have dictatorial power and control over the industry. Every once in a while, an article like “The Ethics Dilemma” bubbles to the surface, reminding the industry and regulators that financial advisers cannot be trusted. That they are inherently dangerous to clients. That personal gain must be tamed. That the lure of profits will create conflicts of interest that must be “managed.” Until industry organizations and advisers throw off the pretense of altruism, until we put our own rational best interests first, we will continue down our own road to moral and political serfdom. We can turn back the tide. The question is: will we wake up and do it before it’s too late? David Lewis, RFC® is the owner and founder of Twin Tier Financial and has appeared as a featured writer in LifeHealthPro and NuWire Investor and Producer’s Web, He has been an independent financial consultant since 2005 and was a registered representative with Metropolitan Financial Services prior to that. Contact: 800 875 2052 david@twintierfinancial.com www.twintierfinancial.com The Register | April 2013
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