As a financial advisor, do you consider yourself to be a professional?

I recently received a newsletter from an advisor who had attended a conference at which one of the speakers was Charlie Ellis. Ellis is a legendary name on Wall Street - founder of research and strategy firm Greenwich Associates and author of numerous award winning articles and books, he commands a level of respect in the investment industry which few can match.

Ellis currently serves as Chair of the Investment Committee of Yale University, whose endowment fund has some of the best long term returns of any large institution. In his talk, he talked about the qualities of a professional investment firm and professional advisor. He identified six key traits which in his view define a professional:

1. You focus on client needs as your mission

2. You value service more highly than profit

3. You operate under a code of conduct

4. You protect lay people and unsophisticated users of your services

5. You demonstrate commitment to continuous learning

6. You express deep satisfaction and passion in your professional activities

Ellis went on to say that in his view the investment industry has shifted from being a profession to being a primarily profit focused business. Needless to say, he does not see this as a good thing - for investors to be well served, professionals need to be paid well and participate in the profits they help generate, but this should not happen at the expense of fulfilling their responsibility to put client needs first.

Charlie Ellis sets a high bar here - one which many lawyers, accountants and yes financial advisors would fall short of. As you think about your own business, you may want to consider where you stand against each of these attributes - and how you would answer a client's question about what you do to earn the right to call yourself a professional.