The financial planning industry's future hinges on trust between
planners and their clients. A new ethical standard drafted by the
Accounting Professional and Ethical Standards Board may be just what's
needed to drive the federal government's diluted Future of Financial
Advice (FOFA) reforms further, eliminating conflict of interest problems
due to carve-outs for asset fees and commissions on life insurance. But
many are skeptical about the high ethical standards proposed for those
dispensing financial planning advice, while advocates argue the same
sort of conflicted remuneration rules that promote trust in doctors,
lawyers and accountants should apply to financial planners. Will their
voices be heard above the uproar?