Featured Topics
Retirement Industry
Magazine Archive
Education/Advice
Where Do you Go for Financial Advice?
The third principle Weinstein shared is “Respect others.” This means keeping confidential information confidential, telling the truth and keeping promises made. “Don’t make promises you can’t keep, and make promises you intend to keep,” Weinstein said. “Be fair” is the fourth principle. According to Weinstein, time management is ethical behavior and can show how fair a plan sponsor or financial adviser is with participants or clients. How one disciplines someone can also show fairness. Weinstein suggested offering constructive criticism using a “praise sandwich,” begin with something complimentary, state the criticism in a gentle or even positive way, and end with an affirmation, i.e. “You are always so diligent, I knew you would want to correct this.” Finally, Weinstein said the fifth life principle that leads to ethical behavior is “Care.” Treat others with care, kindness and even love, he said. He added that one should show sincere appreciation for others; it takes little effort and causes both the giver and receiver to feel better. Weinstein noted that clients give their business to those they trust, and the best way to earn and maintain that trust is through the five principles. Plan sponsors also want participants to trust them. Living by the five principles is “not only the right thing to do, it’s the smart thing to do,” Weinstein concluded.
The third principle Weinstein shared is “Respect others.” This means keeping confidential information confidential, telling the truth and keeping promises made. “Don’t make promises you can’t keep, and make promises you intend to keep,” Weinstein said.
“Be fair” is the fourth principle. According to Weinstein, time management is ethical behavior and can show how fair a plan sponsor or financial adviser is with participants or clients. How one disciplines someone can also show fairness. Weinstein suggested offering constructive criticism using a “praise sandwich,” begin with something complimentary, state the criticism in a gentle or even positive way, and end with an affirmation, i.e. “You are always so diligent, I knew you would want to correct this.”
Finally, Weinstein said the fifth life principle that leads to ethical behavior is “Care.” Treat others with care, kindness and even love, he said. He added that one should show sincere appreciation for others; it takes little effort and causes both the giver and receiver to feel better.
Rebecca Mooreeditors@plansponsor.com