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Building a Socially Responsible Advisory Practice

Capitalism has evolved and matured since Adam Smith’s seminal publication, “The Wealth of Nations.” From the “robber barons” ethos of anything goes to the Milton Friedman notion that a corporation’s only responsibility is to its shareholders, the standard of acceptable business conduct—as defined by the American people, legislators and courts–has changed dramatically over time.

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    Building a Socially Responsible Advisory Practice

    Capitalism has evolved and matured since Adam Smith’s seminal publication, “The Wealth of Nations.” From the “robber barons” ethos of anything goes to the Milton Friedman notion that a corporation’s only responsibility is to its shareholders, the standard of acceptable business conduct—as defined by the American people, legislators and courts–has changed dramatically over time.

    We are in the midst of another seismic shift in the societal expectations of capitalism. Increasingly, the purpose of business extends beyond the simple measure of profits to include how a business treats its employees, customers and the communities in which it operates. Profits still matter, of course, for without them there is no business to employ people. However, Americans now expect far more from the companies from whom they buy products and services and for whom they are willing to work.

    What is a Socially Responsible Business?

    The Council for Corporate Responsibility (CCR)— an organization for sharing best practices—defines corporate responsibility as behaving in a way that elevates all stakeholders, consistent with financial, social and ethical principles. CCR outlines seven pillars of corporate responsibility, including: Diversity and Inclusion, Environmental Sustainability, Global Enrichment, Good Governance, Organizational Health, Philanthropy, and Supply Chait Integrity.

    In this white paper, “Building a Socially Responsible Advisory Practice“, we will discuss what defines a socially responsible business, how advisors may benefit from creating a socially responsible practice, ideas for developing a practice’s social responsibility credibility and how to leverage social responsibilities into a strong brand presence.

    Download the whitepaper here.

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