Ethics hampering executive career progression
Financial services employees with high ethical standards may struggle to make it up the career ladder, a survey of executives has found.
Despite the vast majority (91 per cent) of executives wanting to raise the ethical bar in the industry, more than half (53 per cent) fear it would curb career progression opportunities, according to the Economist Intelligence Unit study.
Meanwhile, little more than a third (37 per cent) thought adherence to ethical standards would improve their firm's financial standing.
The survey also identified worrying knowledge gaps among executives, with 62 per cent admitting they do not know what is going on outside their own department and just 12 per cent aware of global regulatory requirements.
"The results show that the industry has further to go on its journey to drive up ethical standards and embrace professional education," Paul Smith, Asia Pacific Managing Director of CFA Institute, a survey sponsor, said.
"If we are to move the industry forward it is incumbent upon everyone within the industry to align their personal and organisational values with those that serve client, shareholder and societal needs.
"Aspiring to adopt these values will create more resilient firms and a stronger future for finance."
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
