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Igor Zey, Ph.D. is a 2025 graduate of the PhD Program in Leadership and Change at Antioch University.

Igor Zey at his Dissertation Defense.

From L-R: Dr. Chris Voparil, Committee Member, Dr. Daniel Ogbaharya Committee Chair, Dr. Jennifer Raymond, Committee Member

Dissertation Committee

  • Daniel Ogbaharya, PhD, Committee Chair
  • Chris Voparil, PhD, Committee Member
  • Jennifer Raymond, PhD, Committee Member

Keywords

ethics, business ethics, professional codes of conduct, rational paternalism, advisor-client relationship, professionalism, financial services, life insurance, advisor academic education, philosophy, CFP, paternalistic guidance

Document Type

Dissertation

Publication Date

2025

Abstract

This study seeks to understand the role of ethics and rational paternalism in the practice of financial advising. A significant amount of research examines the effects of rational paternalism on the governmental and institutional levels. Very little research has addressed the issues associated with rational paternalistic behavior by advisors toward their clients. Investopedia (2013) focuses on advisors’ ethics and moral responsibilities, underscoring the ethical standards clients should expect from their financial advisors. However, practically none of the literature examines the ethics, morals, and practical aspects of individual paternalism. In response, this study examines the concept of rational paternalism in advisor-client relationships, its underlying principles, and its application in the financial services sector. It discusses the potential benefits and ethical considerations of adopting an advisor-client rational paternalistic approach in financial decision-making. The aim is to shed light on its implications for consumers and financial service providers and raise the general level of professionalism in the financial services industry. Most importantly, and specifically related to the advisor-client relationship, the significance of this study lies in the potential for rational paternalism to provide financial advisors with the same level of professionalism enjoyed by other professions, such as law and healthcare. The findings that emerge from this study include the fact that rational paternalism is practiced in a wide range of disciplines, most especially healthcare and social work, where clients’ best interests are paramount. Drawing on this experience, the overarching purpose of this study is to develop an informed and timely answer to the guiding research question, “To what extent is the practice of rational paternalism present in advisor-client relationships?” Second, but no less critical, “What are the advisor’s perceptions about their impact on their client’s decisions and actions?” The findings support the conclusion that rational paternalism is more widely practiced in financial advising settings than reflected in academic literature and that advisors must tailor their level of guidance to match each client’s sophistication and decision-making capacity. This dissertation is available in open access at AURA (https://aura.antioch.edu) and OhioLINK ETD Center (https://etd.ohiolink.edu).

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Igor Zey

ORCID: #0009-0000-1883-9240

Igor Zey immigrated to the United States in 1978 as a political refugee from the former USSR. After earning his undergraduate degree from UCLA, he began his career in the life insurance industry in 1982, with a passion to touch, move, and inspire his clients toward rational financial well-being.

In 2005, Mr. Zey earned a Master of Science in Financial Services (MSFS) from The American College of Financial Services in Bryn Mawr, Pennsylvania. He holds numerous professional designations, including:

CFP® – Certified Financial Planner™

CLU® – Chartered Life Underwriter

ChFC® – Chartered Financial Consultant

CAP® – Chartered Advisor in Philanthropy

AEP® – Accredited Estate Planner

TEP – Trust & Estate Practitioner (The Society of Trust and Estate Practitioners, London)

Igor is a frequent speaker on a broad range of topics, including international tax and estate planning, charitable strategies, executive compensation, ESOPs, life and disability insurance, and asset protection. He has presented to audiences of attorneys, CPAs (including AICPA and CalCPA), physicians, and fellow insurance professionals.

In addition to his advisory work, Dr. Zey serves as a faculty member at California Lutheran University’s Graduate School of Management, where he teaches Business Ethics.

Faculty Profile

Outside of his professional life, Igor cherishes time with his beloved partner, their six remarkable children, and grandchildren. He also competes in chess, trains in Krav Maga, and actively engages in intellectual discussions spanning philosophy, politics, history, sociology, anthropology, biology, and genetics.

More: California Business Journal Profile

He has a beautiful life partner, six remarkable children, and almost three grandchildren, all adored.

Igor plays chess competitively, practices Krav Maga, and enjoys discussing philosophy, ideology, politics, history, sociology, anthropology, biology, and genetics.

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