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A Study of Recognizing Conflicts of Interest in Pending Financial Planning Engagements

A Study of Recognizing Conflicts of Interest in Pending Financial Planning Engagements <p>Conflicts of interest (COI) are an ethical issue for financial planners because they impair professional judgment if not addressed. This article describes a quantitative, cross-sectional study of COI recognition in pending engagements and measuring the influence of time in practice and financial planning credentials upon recognition. Participants were 51 graduates of the M.S. degree from the College for Financial Planning. Participants were asked three questions regarding each of the six hypothetical situations of pending financial planning engagements. Each question provided an indicator of COI recognition. Time in practice and financial planning credentials were used as influence factors upon COI recognition. Results indicated high COI recognition involving role conflict and low recognition with family members as clients. Time in practice was related to increased COI recognition involving role conflict. Financial planning credentials were related to increased COI recognition with a business associate as client.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

A Study of Recognizing Conflicts of Interest in Pending Financial Planning Engagements

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.26.2.148
Publisher site
See Article on Publisher Site

Abstract

<p>Conflicts of interest (COI) are an ethical issue for financial planners because they impair professional judgment if not addressed. This article describes a quantitative, cross-sectional study of COI recognition in pending engagements and measuring the influence of time in practice and financial planning credentials upon recognition. Participants were 51 graduates of the M.S. degree from the College for Financial Planning. Participants were asked three questions regarding each of the six hypothetical situations of pending financial planning engagements. Each question provided an indicator of COI recognition. Time in practice and financial planning credentials were used as influence factors upon COI recognition. Results indicated high COI recognition involving role conflict and low recognition with family members as clients. Time in practice was related to increased COI recognition involving role conflict. Financial planning credentials were related to increased COI recognition with a business associate as client.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Nov 1, 2015

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