A financial planner holds multiple roles, and must carefully consider these duties with respect to integrity, value to the customer and moral obligations in the workplace. The problems researchers faced, such as Cohen, Krishnamoorthy & Wright (2010) are those of interactions with the audit committee, board and internal auditors in the post investigation process. The investigators find that audit committees can be ineffective agents in monitoring financial reporting processes.
Sussman & Dubofsky (2009) find that planners must consider carefully the indications of the role of a financial planner, as it must incorporate more critical factors that include coaching and life-planning activities. The problem that a financial manager must take into consideration, wholly summarizing the readings, is that the role of a financial manager or planner is more than that of an auditor or accountant. People and corporations that come to a financial planner require personal relationships assistance.
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"Problem Solving and Financial Planning".
In this regard, the financial planner must learn to solve not only complex financial and accounting matters, but must also negotiate complex people solving matters. Relationships are critical to the success of a financial manager. A holistic approach to financial planning as defined by Sussman & Dubofsky (2009) can help the financial planner succeed in competencies that many individuals and agents in the financial industry are lacking. Without sensitivity to the financial needs of the customer and company, a financial planner may have poor communication and an inability to reach out to customers that are experiencing hardship.
Further, there are ethical implications associated with working with entities that are experiencing loss and hardship. Working on a personal level is important, but it is also important for financial agents to consider boundaries and ethical ties particularly with regard to the rules and regulations of auditing. A financial planner must balance relationships with integrity, valuing their clients’ needs and best interests.
- Cohen, J., Krishnamoorthy, G., & Wright, A. (2010). Corporate governance in the post-Sarbanes-Oxley era: Auditors’ experiences. Contemporary Accounting Research, 27 (3), 751-786. http://proxy1.ncu.edu
- Dubofsky, D., & Sussman, L. (2009). The changing role of the financial planner part 1: From financial analytics to coaching and life planning. Journal of Financial Planning, 22 (8)
