A new study is examining the professionalism and ethics of financial planners, and how they determine when an ethical dilemma is taking place.

The study is being conducted by former Financial Planning Association GM June Smith as part of her PhD. Ms Smith is now a partner in a law firm.

The study, which will cover 1000 planners and 100 compliance managers, is timely given changes taking place in the industry such as conflict of interest legislation.

It will use a series of surveys to determine various factors, including how planners identify ethical dilemmas, the cognitive framework they use to make decisions, the dynamic between the planner and the organisation for which they work, and any gaps between the adviser’s and the organisation’s values.

Ms Smith hopes the survey findings will help develop a model ethical framework for planners.