Bulletin #210 - Top Ten Reasons To Practice Good Ethics
Some financial advisors still believe that nice people finish last. They think that that embracing ethics – or doing the right thing for their clients 100 percent of the time – would limit their options, their opportunities, and their very ability to succeed in business. Well, it’s time to think again.
Jim Collins, the author of bestsellers “Built to Last” and “Good to Great,” has done extensive research into what makes a business highly successful. When asked what his research indicated about the importance of ethics in building a successful business, Collins replied, “Our research points to one essential element in any successful company. Those that are the best have built a set of core values and lived by them.”
Trends show dramatically increased interest in business ethics.
"People are waking up," said Shel Horowitz, author of the award winning book “Principled Profit: Marketing That Puts People First.” "They are realizing that their ethics builds trust - that following and marketing an ethical stance is actually good for business."
Executive recruiters Heidrick and Struggles stated recently that “In this new era for business, glamour and glitz are out. Transparency – in terms of ethics and values – is in.”
Yes, the research has spoken, and its bottom line is consistent. According to the Ethics Resource Center in Washington, D.C., those that are dedicated to doing the right thing and act on it consistently are more profitable than those who don’t.
So as a reminder, here is a list of the top 10 reasons to practice good ethics:
- Ethics Builds Client Trust
Trust is the foundation of all good (and lasting) relationships.
- Ethics Earns Respect from Other Professionals
Referrals from CPA’s, Attorneys and other Financial Advisors are gold.
- Ethics Promotes Customer Loyalty
Renewal premiums and repeat business come from satisfied clients.
- Ethics Promotes Customer Referrals
Red-hot leads come from when your satisfied client recommends you to their friends.
- Ethics Significantly Reduces Client Lawsuits
Bending and breaking the law leads to litigation, indictments and extreme stress.
- Ethics Prevents Bad Publicity
A fine reputation can takes years to develop and can be ruined in an instant.
- Ethics Helps Maintains Regulatory Freedom
Irresponsible sales practices lead to exhaustive regulation and bureaucratic red tape.
- Ethics Promotes Personal Pride
Knowing that you do the right thing produces a confidence that is refreshingly appealing.
- Ethics Makes You Happy
True happiness comes from within, knowing that you are a person of absolute integrity.
- Ethics Makes You More Money
Research proves that solid ethics builds trust, and trust sells – in both the short and long term.
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