As 2011 chairman of the Securities Industry and Financial Markets Association, John Taft had a direct role in the financial reform debate. Here, he tells Managing Editor Lorie Konish about his new book, Stewardship: Lessons Learned from the Lost Culture of Wall Street, and how advisors can help guide the industry toward rebuilding trust.
1. What is stewardship and why did you decide to focus on it with this book? Stewardship is defined as responsibly managing what others have entrusted to our care. It is, or should be, the core principle behind what we do as financial institutions and what we do as a financial system. The reason that I wrote the book is I feel that we have lost touch as an industry with that core principle. The only way we're going to restore confidence is to reconnect with the core principle of stewardship. Stewardship is the "choice for service," author Peter Block says. It is about seeing the impact of your actions on others and it's about leaving the world a better place than you found it.
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