IntroductionEthical standards in the financial services industry have come under scrutiny in light of reports of outright fraud, Ponzi schemes, lack of regulatory oversight and the like in recent times . These serious violations, while shocking, are nothing new especially when it comes to the money management industry. But the scale, frequency and egregiousness of these recent scams and scandals highlight the lack of basic ethical standards in the industry with complete disregard for customer interests. A study by the National Bureau of Economic Research found that many investment managers facilitate and support harmful behavior because it is in their interest to do so. Since commissions are their only motivation, “advisors” or brokers to be more precise, encourage bad investment behaviors such as frequent trading and choosing more expensive funds that provide kickbacks to the investment manager. And then there is this entire army of insurance agents masquerading as investment advisors, who routinely promote and sell financial products to unsuspecting consumers who harm not only the people they sell the products to but the integrity of the entire financial services industry, with serious long-term consequences. long-term implications of capital accessibility for the entire economy. A Registered Investment Advisor (RIA), on the other hand, is required to act as a fiduciary under the Securities Act of 1940. The fiduciary standard requires that an RIA put the interests of the clients it serves above its own and disclose any conflicts of interests that may arise. Brokers and other money managers can hide behind very vague suitability standards and are required to only recommend investments that are "suitable" for their clients... mid-paper... equally rigorous enforcement of them is required. People who handle money should be required to be fiduciaries, whether they are mutual fund managers or insurance agents or brokers, just as RIAs must. This simple move where investment managers are held personally accountable for any obvious violations will minimize the frequency of ethical lapses. Ultimately, education and training are key, both for consumers of financial products and the people who serve them. Financial literacy impacts financial decision making. Consumers, at a minimum, should educate themselves on basic financial concepts to enable them to distinguish between right and wrong. Asking the right questions about fiduciary responsibilities, fees charged, and recommended products would go a long way toward minimizing the risk of taking advantage.