CFA Institute President and CEO John Rogers called for a new era of “fiduciary capitalism” Friday, urging the financial industry to move towards thinking about long-term outcomes for society, including environmental, employee training and health issues as a greater percent of world’s assets are controlled by large, intergenerational investors.

“It’s a wonderful opportunity for fiduciaries to have a much more humanistic approach to how capital is deployed. The financial industry exists to serve society, not vice versa,” he told a pension fund executives meeting in Washington, D.C.

In a speech to the spring forum of the Council of Institutional Investors, Rogers said one of the major barriers to fiduciary capitalism is that accounting rules hide the negative impact that pollution can have on corporate profits.