Would you buy it yourself?
The Ethic of Reciprocity or The Golden Rule states:
“Do unto others as you would have them do to you”
which means ”treat others as you would like to be treated.“
In the same vein, Confucius said:
Such wisdom forms a moral and ethical code for all. However, most people being mere mortals, does not up hold such moral high grounds at all times, if at all. Needless to say, it is even more difficult to apply this to business, which is a profit seeking endeavour.
In the field of financial advisory, the topic of ethics is a major sticking point when it is not uncommon to hear of unethical mis-selling. Isn’t financial advisers suppose to plan in the client’s interest?
In the course of our work, we have come across advisers who would rather get policies from other companies rather than their own. How can they sell when they are not convinced themselves? Then there are others who would still struggle to come out with valid arguments to convince the client when their own product is clearly inferior. Some would promote high-comm products in seminars when there are other alternatives that offer better benefits to the client but not to themselves.
In the application of The Golden Rule, clients can ask the adviser:” Would you buy it yourself?”. Advisers should ask themselves this question too.