Whether we are talking about reforming the flawed corporate ethos of Goldman Sachs or debating about the implementation of a fiduciary standard, central to the discussion needs to be the word "discernment." We can't possibly write a corporate code of conduct or rule for every scenario a financial services professional is likely to face. In the end, it is the willingness and capacity of the professional to discern right from wrong and to discern the needs of a client being served, which will ultimately determine the quality of services being rendered to investors.

Donald B. Trone, GFS, is the founder and CEO/Chief Ethos Officer of 3ethos, and serves as a facilitator (instructor) for Academy Leadership, which provides executive leadership training and coaching. Trone was the founder and president of the Foundation for Fiduciary Studies, and is the former director of the Institute for Leadership at the U.S. Coast Guard Academy.

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