61. Recognizing and Preventing Misconduct in Financial Advisory with Dr. Moira Somers Artwork

Planning & Beyond® - Where financial planning meets human understanding

Planning & Beyond® is for financial advisors who want to go beyond the numbers and build deeper, more trusted client relationships.

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Planning & Beyond® - Where financial planning meets human understanding

61. Recognizing and Preventing Misconduct in Financial Advisory with Dr. Moira Somers

August 27, 2026 • Ashley Quamme

0:00 | 38:49

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Good advisors can still find themselves in difficult ethical situations, especially when they are under pressure, early in their careers, or trying hard to help a client.

In this episode, Ashley talks with Dr. Moira Somers, a clinical consultant and researcher focused on misconduct in financial advising. Together, they look at why misconduct happens, how it can show up in different forms, and why it is not always driven by bad intentions.

Moira shares what her research has shown about the gray areas advisors may face, especially early-career professionals who are still learning how to manage client expectations, firm pressure, professional boundaries, and stress. She also explains how the desire to be helpful can sometimes blur ethical lines, and why advisors need support before small compromises become bigger problems.

Episode Highlights:

What misconduct means in financial advising
The different ways misconduct can show up
Why early-career advisors may be more at risk for ethical mistakes
How stress and burnout can affect decision-making
Why professional boundaries matter
How firm culture can support or weaken ethical behavior
What advisors and firms can do to create better support systems

This conversation is especially useful for financial advisors who want to do right by their clients, understand the gray areas of ethical decision-making, and stay prepared for the pressure that can come with the work.

RESOURCES AND GUEST INFORMATION

Dr. Moira Somers is a psychologist, consultant and family enterprise advisor. She specializes in the psychology of money and in the many ways it influences people's decision-making, relationships and well-being. Her clients include individuals, family businesses, financial firms and community agencies. In her consulting practice, Dr. Somers trains advisors on matters pertaining to the personal side of money. Her teaching and research interests include broader design and structural issues affecting investing, financial follow-through and equitable access to capital.Although Canada is her home, her client base is international. She is the Chair of the Family Advisor Relationships Domain for the Ultra High Net Worth Institute, and a faculty member at the Financial Transitionist® Institute.

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