What main principle should investment managers prioritize in their practice?

The main principle that investment managers should prioritize is acting in the clients' best interests. This principle is fundamental to fiduciary duty, which mandates that investment managers must prioritize their clients' needs, objectives, and overall financial well-being above their own interests or profits. By adhering to this principle, investment managers build trust with their clients, ensuring that decisions made are in alignment with the clients' goals, investment strategies, risk tolerance, and financial situations.

This client-oriented focus not only creates a more ethical practice but also fosters long-term relationships and sustainability in the industry. When investment managers prioritize their clients, they are more likely to provide tailored advice and effective investment strategies that lead to better outcomes, as opposed to prioritizing personal gain through commissions or speculative activities such as following market trends or pursuing mergers and acquisitions solely for financial benefit.