Estate Planning Chapter 2

Front 1

Ethics

Back 1

The set of principles which reflect the shared beliefs and values of a given society of culture

Front 2

Tasks of Ethical Principles

Back 2

(1) Govern behaviors which is not appropriately regulated by law
(2) Supplement legal condemnation with moral disapproval
(3) Encourage behavior that goes beyond what the law requires (goes beyond the letter of the law)

Front 3

Compliance

Back 3

Acting in conformity to the letter of the law, with or without concern for the spirit of the law

Front 4

Moral Perception

Back 4

Enables us to perceive the most morally relevant details and facts in a particular situation

Front 5

Moral Imagination

Back 5

Allows us to speculate as to how the possible consequences of our decisions will affect other people around us, both in the short and long term

Front 6

Ethical Decision Making

Back 6

Taking the information gleaned from acts of moral perception and moral imagination and make a decision; considers the parties involved and the possible outcomes

Front 7

Profession

Back 7

(1) Engage in a vocation that is useful and noble
(2) Requires the possession of expert knowledge
(3) Abandons the strictly selfish commercial view and keep in mind the advantage of the client in the application of that knowledge
(4) Spirit of loyalty to other professionals

Front 8

Moral Duties

Back 8

An action whereby we are obliged to perform or an action we are obliged to refrain from performing

Front 9

Components of the Professional's Moral Standard

Back 9

(1) Integrity
(2) Objectivity
(3) Fairness
(4) Competence
(5) Diligence
(6) Confidentiality

Front 10

Integrity

Back 10

The quality or state of being complete or undivided; wholeness

Front 11

Objectivity

Back 11

Dealing with the facts in a way that is not distorted by personal feelings, prejudices, or interests; not partial to one's own perspective or advantage

Front 12

Fairness

Back 12

"Like things" should be treated in "like ways"

Front 13

Competence

Back 13

The expert knowledge a professional maintains and builds upon through continued education and experience

Front 14

Diligence

Back 14

Providing services in a reasonably prompt and thorough manner; Providing service with due care; Carefully gathering information about the clients background, long term goals, and sophistication regarding financial markets and products- no one size fits all approach

Front 15

Confidendtialtity

Back 15

A promise made to the client not to divulge personal information