What is ethical? What is right or wrong? The dictionary definition is a bit nebulous and with reason. Everyone has a different idea of what is ethical, even if they have similar values and outlooks. The key here is understanding what drives each client’s definition of what ethical looks like and balancing those ideals with what’s practical. Ultimately, portfolio performance is the bottom line and fiduciary duty we owe to our clients—yet there is room at the margins to align to an individual’s values.