Relentless pressure. Wildly unrealistic sales targets. Employees leaning on family members and friends to open unnecessary bank accounts. That's how more than a dozen former Wells Fargo employees described the bank's culture to CNNMoney.
In the wake of the announcement that Wells Fargo would pay $185 million in fines, plus millions more in restitution to customers who were charged fees after employees unknowingly opened bank or credit card accounts in their names, finance industry experts and consumer advocates were left scratching their heads over how things went so wrong, for so long, while bank customers tried to digest what this meant for them.
The Ethical Issues in Retirement Income Planning study gathered the perceptions of expert retirement income planners. The good news is that the retirement income planners surveyed expressed a high level of satisfaction with the retirement planning profession’s ethical climate.
The travails of Volkswagen’s leadership continue with questions as to whether senior leaders of the organization will be charged with criminal offenses for their role in the expanding emissions scandal.
The thrust of the DOL rule change is that it is imperative for organizations to structure compensation in a way that aligns the interests of the adviser with those of the client. This is accomplished through making compensation as ‘product neutral’ as possible.
Under the Department of Labor’s new fiduciary-duty rule, will advisers working with retirement accounts have to avoid conflicts of interest or just disclose them? This is the third of three Q&As for advisers about the new rule requiring those who work with retirement accounts to act as fiduciaries in their clients’ best interests.
As the financial-services industry works to digest the Labor Department’s new fiduciary-duty rule—requiring advisers making recommendations on retirement accounts to act in their clients’ best interests—financial advisers have many questions about how the new standard will affect the way they do business.
In its Ethical Issues in Retirement Income Planning Survey, the American College sought to identify financial services professionals’ primary ethical concerns in retirement income planning. The survey found that more than 80 percent of respondents are concerned about protecting their clients from financial elder abuse.
Retirement income advisors are especially worried about protecting their elderly clients from financial abuse, according to a new study. The survey, by the nonprofit private educational institution the American College of Financial Services, found protecting aging clients is the top ethical concern for advisors.