The financial industry is about more than money. Moneyin and of itself is not the problem on Wall Street. It is the love of money that led to the financial meltdown of well-known firms. Love of money left a clear trail of greed, dishonesty and diminished shareholder wealth.

What lessons can we learn from the Wall Street mess? When the love of money becomes the sole reason for working in the financial industry, without regard for clients, customers, employees and shareholders, things can collapse in the blink of an eye. Those firms were focused solely on moneymaking and not on integrity, sound business principles and values. It is time to bring integrity and values back to the financial industry.

CFP designations, assets under management and revenues are indicators of success, but do not, in and of themselves, bring integrity and values. Financial advisors have a moral obligation to bring those qualities to the industry, learn from others and become better professionals with a passion to serve clients.

The Wall Street debacle is the standard by which financial practitioners will be measured in the future. There has always been a fine line between trust and distrust in this industry. The recent disheartening stories have blurred the line even more. It is a sad day when clients have to stay on high alert for fear of being "Madoffed" by the handling of their financial assets.

An advisor/client relationship is built on trust, values and principles. Because of the current economic crisis, which is the direct result of greed and dishonesty, it is even more difficult to build financial practices, maintain client relationships, and foster shareholder goodwill.

ACTIONS TO TAKE

I hope that all members of the financial industry will put integrity back in the business. Here's how:

• Be responsible leaders. Set a positive example in the marketplace. Command-and-control leadership has been replaced by collaborative leadership. The get-rich-quick mentality has no place in financial decision making at any business level.

• Examine your fee structure. Who said that percentage of assets or commission-based methods are best for the overall integrity of the financial industry? The pressure of closing deals or meeting projected revenue numbers at any cost is a grave concern with both of these product-driven business models. On the other hand, the flat fee method avoids conflicts of interest in advising and managing a client's financial affairs. Clients should not have to pay for the firm's desire to meet the bottom line, if it is to their detriment.

• Focus on education. Financial advisors are paid to fulfill their clients' financial plans. Education is a great tool for making sure that clients own the vision for their finances. Clients need to understand the risks associated with their investment decisions. The executives responsible for the Wall Street meltdown did not fully understand the magnitude of the risks they were taking and the impact of their management decisions on the global financial markets.

• Seek wise counsel. It is not uncommon for ambitious financial advisors to try to be both the front and back office when serving clients. But you cannot be all things to all people. Make full use of your network or team of professionals, and bounce ideas off them to meet client and financial practice goals. Seeking wise counsel makes you a better all-around financial professional.

I encourage financial advisors to lead the way in transforming the current global financial marketplace. It is time for the global markets to look to us for leadership in bringing integrity back to the financial industry.

Christopher I. Franklin is the CEO of Titan Financial Services in Waldorf, Md. and author of Access Now-Behind the Line: The Keys to Unlimited Possibilities. He can be reached at (800) 508-4826 or by email at accessnow.franklin@gmail.com.