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The Case for Investment Advising as a Virtue-Based Practice

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  • Keith Wyma

Abstract

Contemporary virtue ethics was revolutionized by Alasdair MacIntyre’s reconfiguration using practices as the starting point for understanding virtues. However, MacIntyre has very pointedly excluded the professions of the financial world from the reformulation. He does not count these professions as practices, and further charges that virtue would actually hinder or even rule out one’s pursuit of these professions. This paper addresses three tasks, in regard to the financial profession of investment advising. First, the paper lays out MacIntyre’s soon-to-be-published charges against the investment world, as specified to this profession. Second, it sets forth the role function of investment advising and shows that it does possess internal goods—the crucial aspect of practices disputed by MacIntyre in this case—including goods of production and goods of performance. Third, it demonstrates that this function, and the goods tied to it, cannot be achieved apart from the virtuous pursuit of the profession, thereby showing that MacIntyre’s charges are mistaken. Investment advising is shown to be a virtue-based practice, and the groundwork is laid for showing that other financial professions are so, as well. Copyright Springer Science+Business Media Dordrecht 2015

Suggested Citation

  • Keith Wyma, 2015. "The Case for Investment Advising as a Virtue-Based Practice," Journal of Business Ethics, Springer, vol. 127(1), pages 231-249, March.
    • Handle: RePEc:kap:jbuset:v:127:y:2015:i:1:p:231-249
    DOI: 10.1007/s10551-013-2025-3
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    Citations

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    Cited by:

    1. Marta Rocchi & David Thunder, 2019. "Can a Good Person be a Good Trader? An Ethical Defense of Financial Trading," Journal of Business Ethics, Springer, vol. 159(1), pages 89-103, September.
    2. Anthony Asher & Tracy Wilcox, 2022. "Virtue and Risk Culture in Finance," Journal of Business Ethics, Springer, vol. 179(1), pages 223-236, August.
    3. Irene Chu & Geoff Moore, 2020. "From Harmony to Conflict: MacIntyrean Virtue Ethics in a Confucian Tradition," Journal of Business Ethics, Springer, vol. 165(2), pages 221-239, August.
    4. Matthew Sinnicks, 2019. "Moral Education at Work: On the Scope of MacIntyre’s Concept of a Practice," Journal of Business Ethics, Springer, vol. 159(1), pages 105-118, September.
    5. Andrea Roncella & Ignacio Ferrero, 2022. "The Ethics of Financial Market Making and Its Implications for High-Frequency Trading," Journal of Business Ethics, Springer, vol. 181(1), pages 139-151, November.
    6. Andrea Roncella & Ignacio Ferrero, 2020. "A MacIntyrean Perspective on the Collapse of a Money Market Fund," Journal of Business Ethics, Springer, vol. 165(1), pages 29-43, August.
    7. Karol Marek Klimczak & Alejo José G. Sison & Maria Prats & Maximilian B. Torres, 2022. "How to Deter Financial Misconduct if Crime Pays?," Journal of Business Ethics, Springer, vol. 179(1), pages 205-222, August.
    8. Matthew Sinnicks, 2021. "“We Ought to Eat in Order to Work, Not Vice Versa”: MacIntyre, Practices, and the Best Work for Humankind," Journal of Business Ethics, Springer, vol. 174(2), pages 263-274, November.

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