Restoring Trust in Finance: Remember “It’s Always Someone Else’s Money”
The financial industry today faces a crisis of confidence that threatens its future. Without trust, markets don’t function properly and growth prospects are limited. So what can the financial industry do to change its trajectory? A panel at the 66th CFA Institute Annual Conference in Singapore, moderated by CFA Institute CEO John Rogers, CFA, provided some answers.
Investment professionals must truly believe that client interests come first — and act accordingly. As Mark P. Delaney, CFA, chief investment officer and deputy CEO of the pension fund AustralianSuper stated: “The first thing is that it’s always someone else’s money.” He urged the audience to think about how they look after other people’s money and what goals their clients need to achieve. As an industry, he observed, the investment profession has lost sight of that purpose and replaced it with self-interest.