Financial Advice: Ethics, Professionalism, and Record Keeping Report

This report delves into the critical aspects of ethics and professionalism within the financial advice sector, with a particular emphasis on the significance of meticulous record-keeping practices. The author underscores the importance of maintaining accurate and comprehensive client records, aligning with the guidelines set forth by the FASEA Code, Corporations Act, FPA, and TASA. The report examines Standard 8 of the FASEA Code, which addresses diligence in record-keeping, ensuring that client information, including communications and interactions, is accurately documented. The discussion includes the use of various record-keeping tools and systems, such as digital databases, email correspondence, and meeting recordings, while also stressing the need to comply with National Privacy Principles (NPPs) to safeguard client confidentiality. The report emphasizes that adhering to ethical standards and implementing robust record-keeping systems are essential for financial advisors to provide professional services and maintain client trust.

Running head: Ethics and Professionalism in financial Advice
Ethics and Professionalism in Financial Advice
Name of the Student
Name of the University
Authors Note

1Ethics and Professionalism in financial Advice
The most important tool for planning new marketing and sales campaigns is an up-to-date
database. Unfortunately, most managers of company do not give sufficient importance to the
system of keeping and maintaining books properly and their promotions end in tragic events
(Cunningham 2011). Proper system of record keeping gives the company a real benefit over
rivalry in various ways, such as:
 This assists the organization with productive account management, benefits, taxation and
operating expenses;
 Provides with the actual amount of cash in hand;
 Act as a tool for new campaigns;
 Inform the organization about the progress and development of previous campaigns;
 It helps to find solutions for organizational problems or disputes;
 It discusses customer service and productivity of staff;
 Supports the growth of company and income tracking pace;
 In which way the company works against its rivals;
 Discusses about Discusses uncertain and secret costs;
 And particularly if the company is in severe trouble it is the most resourceful consultant.
Server management and storage tools make the task of keeping records very simple. Such
programs help to digitize and organize the entire business data in the most convenient way (Hoy
2007).
The Code published by FASEA is a set of doctrines and core values on which a
legitimate career can be founded. It is a model based on principles that offers a solid foundation
for shaping and improving ethical behavior and promotes a deeper engagement of the person to

2Ethics and Professionalism in financial Advice
his tasks for their clients and society. Former commercial service providers are therefore
committed to provide a professional service, which is guided by a Code of Ethics, structured to
influence every element of their professional behavior. This Code and the principles found in it
are a requirement and provide the basis for all financial consultants, regardless of their
circumstances of employment (Pearlman 2017).
This Code includes 12 Standards among which Standard 8 fall within the Standards of
quality process. Standard 8 deals with diligence. According to Standard 8, a manager of a
business needs to confirm that the client records, inclusive of earlier consumers, are kept in such
a form which is comprehensive and precise. All of these findings are in fact equivalent to the
Corporations Act, FPA, the TASA and FASEA Codes. While delivering personal advice, the
advice and client arrangement, recommendation and facilities need to be correctly and accurately
reported and complete.
 Assess the procedure of record keeping and systems to certify that whether the manager
of that business are competent to capture documentary proof of manager’s
communications and connection with consumers in order to fulfill all the values of the
FASEA Code (Kamri, Basir and Ramlan 2017).
 Agendas in the guidance procedure may assist to determine the records that need to be
contained within the client’s file.
 Documentation may not be restricted to written records, but may be email
correspondence, voice recordings or meeting recordings. Similar standards regulate both
legal and licensee.
 The record keeping system must comply with the National Privacy Principles (NPPs) and
safeguard the confidentiality of clients.

3Ethics and Professionalism in financial Advice
Therefore, from the above discussion it cannot be ignored that Standard 8 has a great importance
in maintain and keeping the records and improving the record keeping system.

4Ethics and Professionalism in financial Advice
Reference
Cunningham, A., 2011. Good digital records don’t just “happen”: embedding digital
recordkeeping as an organic component of business processes and systems. Archivaria, 71,
pp.21-34.
Hoy, M., 2007. Record-keeping competency standards: The Australian scene. Journal of the
Society of Archivists, 28(1), pp.47-65.
Kamri, N.A., Basir, S.A. and Ramlan, S.F., 2017. Implementing Ethical Codes at Workplace: A
Discussion on the Factors of the Enforcement, Employee Awareness and
Understanding. Pertanika Journal of Social Sciences & Humanities, 25(2).
Pearlman, A.S., 2017. In Memoriam: Richard E. Kerber, MD, FASE. Journal of the American
Society of Echocardiography, 30(10), pp.1035-1037.