In his new book, A Force for Good, John Taft, CEO of RBC Wealth Management-U.S., invited more than 20 respected financial minds – selected for their expertise and fresh perspectives – to provide insights on a path forward for the industry, moving past the crisis of 2008. The book addresses fundamental questions about the financial system and introduces readers to the concept of “enlightened finance.” 

Q: Why did you write A Force for Good?
A: I hope to kick start a more constructive dialogue about what the financial sector needs to do to consistently contribute to positive social goals. Much of the narrative since the financial crisis has focused on looking backwards, pointing fingers, assigning blame, identifying villains and meting out punishments. That was an appropriate and necessary phase in our recovery. But now we need to change the conversation by looking forward, developing a road map for what still needs to be done to help position finance for the future. 

Q: What is the main idea?
A: Finance has long been, and can be again, a “force for good” in society. However, in order for that to happen, we need to work to align what finance does and can do with what society wants and expects from our industry. That varies depending on who you ask, but one central theme has emerged: while economic growth is critical, society no longer wants growth at all costs. We want economic growth balanced with stability, sustainability, inclusiveness and intergenerational equity.

Q: What is “Enlightened Finance”?
A: “Enlightened Finance” is informed by hope. It’s about innovating to solve problems like the retirement savings crisis. It’s about funding research to cure diseases. It’s about preserving the environment as we create jobs. And it’s about making sure everyone’s standard of living and quality of life improves as the economy grows. Enlightened finance goes beyond “responsible finance” to ask what finance can do to make the world a better place.

Q: How is “Enlightened Finance” different from regulatory reform?
A: Completing regulatory reform is certainly a critical stepping stone on the pathway to enlightened finance. It will help return the industry to more responsible behavior. But, enlightened finance is about more than regulating behavior. It is about fostering a culture of stewardship to underpin the mission, values, purpose and behavior of and in our industry. It’s about thinking about our role in society as a means to greater ends.

Q: What greater ends should finance be serving?
A: Finance is a critical enabler of capitalism, of economic activity. In a very basic sense, what financial firms do is match up people who have money with people who need money and do it in a way so that economic risks are managed, growth is maximized, resources are efficiently allocated and standards of living are enhanced. Ultimately, finance should serve society.

John G. Taft is CEO of RBC Wealth Management – U.S., and author of Stewardship: Lessons Learned from the Lost Culture of Wall Street (Wiley, 2012). He is Chair Emeritus of the SIFMA Board of Directors. RBC Wealth Management-U.S. is a division of RBC Capital Markets, LLC, a member of NYSE/FINRA/SIPC.

A portion of sales proceeds from A Force for Good will support programs of the SIFMA Foundation.