Hello

My name is Anthony Hahn and I am a student of finance. I am also a student pilot with aspirations to fly commercially. Below I have written a personal ethical plan as well as summarized the professional standards of the Certified Financial Planner Board of Standards.

Personal Ethical Plan:

The cardinal virtues are key to a good code of ethics that reflects who I strive to be in my professional life. Appling these virtues correctly is the most important aspect of a moral ethical code. Perfecting them will allow me to deal with a conflict in a way most in line with the standard of my Catholic faith. When faced with an ethical dilemma it is important to look to the church in her infinite wisdom. Though virtue we are able to choose and act on the morally right course of action. The CFP laid out some ethical actions which were in line with many of my own. Firstly, act with honesty, integrity, competence, and diligence. Fortitude helps us to do this. The willingness to put your job at risk for the principals of honesty and integrity in a world focused on one thing, the pursuit of money, is a prime example of fortitude. Acting in the client’s best interests shows temperance. This is finding the best middle ground for all parties involved. Temperance allows us the strength to be moderate in our own strive for money while keeping the client’s interests in the forefront of our minds. Exercise due care through the virtue of Justice. Allowing people what they deserve and granting them what they have earned is the virtue of justice. This especially applies for a person in authority or a boss. Things such as paying a fair wage and granting promotions where they are deserved. Avoid or disclose and manage conflicts of interest using prudence. When a conflict arises, it is important to act with right reason applied to practice. The virtue of prudence emphasizes doing what is right through reason. Maintain the confidentiality and protect the privacy of client information. Act in a manner that reflects positively on the financial planning profession. We should also not take for granted the power of prayer. Keeping an avid prayer life is key to a strong faith which is needed for the perfection of virtue. So, using the guidance of the Catholic church through the cardinal virtues my ethical plan for a future in a financial career arises.

Professional Standards:

There are many standards one must adhere to if he is to be considered a CFP professional. They have an extensive duty to their clients. This consists of a number of other duties. Of which one is the duty to act as a fiduciary. This is achieved through loyalty to clients by putting their interests above the interests of yourself or the firm you work for and to avoid or properly deal with conflicts of interest. Acting as a fiduciary includes a duty to act with care and perform the client’s instructions. Some other duties they have to their clients are to act with integrity, by always being honest and not engaging in fraud or any misleading agenda, and competence, and diligence. A CFP professional must exercise professional judgment on behalf of the Client that is not subordinated to the interest of the CFP professional or others. He may not solicit or accept any gift, gratuity, entertainment, non-cash compensation, or other consideration that reasonably could be expected to compromise the CFP professional’s objectivity. He must treat Clients, prospective Clients, fellow professionals, and others with dignity, courtesy, and respect. He must also comply with the law and provide and communicate accurate information to his clients. Providing financial planning to client who have no issue with the standards of the CFP should be done to the best of the ability of the CFP professional. If the client does not agree to operate under the standards of the CFP it is advisable to terminate the engagement. In complying with the Practice Standards, a CFP professional must act prudently in documenting information, as the facts and circumstances require, taking into account the significance of the information, the need to preserve the information in writing, the obligation to act in the Client’s best interests, and the professional’s Firm’s policies and procedures. The duties owed to the professional’s firm and subordinates include exercising reasonable care when supervising persons acting under the professional’s direction and complying with the firm’s lawful objectives. The CFP professional’s duty to the CFP board are that he may not engage in conduct that reflects adversely on his or her integrity. He must also provide accurate reporting of several different circumstances. He should cooperate with the board to the best of his ability and make every effort to comply with the standards of the CFP.

https://www.cfp.net/docs/default-source/for-cfp-pros---professional-standards-enforcement/CFP-Board-Code-and-Standards