There are many good things that can come out of a recession, especially one largely brought on by greed, corruption and corporate mismanagement.

An economic downturn can result in tougher consumer protections. And Lord knows, we need to protect consumers.

Specifically, we need better regulation of the financial services industry. Either because of ignorance or poor judgment, or both, the financially challenged need protection.

I know that anti-regulation zealots pull their hair out at the mere suggestion of government oversight. But let’s get real. As a society, it would be naive and reckless to just say “caveat emptor,” which is Latin for “let the buyer beware.”

I’m stunned and disappointed at the number of homeowners I’ve met who admit they didn’t fully understand the mortgage papers they were signing. They say they didn’t know they had the escalating adjustable-rate mortgages that have caused so many foreclosures.

Now more than ever, we need better regulation of people calling themselves financial planners so that people truly understand what investing really means.

Investors are dismayed and distraught to see their portfolios tanking so badly. We’ve had so many good years in the equities markets that people forgot or didn’t realize that when you invest, you put your money — all of it — at risk for loss. Therefore, you should not invest a dollar you can’t afford to lose — even for retirement.

I’m encouraged that the nation’s three major financial planning organizations — the Certified Financial Planner Board of Standards, the Financial Planning Association, and the National Association of Personal Financial Advisors — have said they are working together to promote more consumer protections.

The three organizations rightly expect reform in the financial services industry when Congress convenes in January.

The three organizations said in the coming months they’ll begin to solicit feedback on future regulation of the financial planning profession. I have some feedback on what Congress might do. And hey, I suggest you do the same. Let the groups know about your experience with financial planners. Tell them — and your congressional representatives — what regulation you think is needed. This deepening recession provides a good opportunity for regular folks to weigh in and maybe, just maybe, get some meaningful reform.

The title of financial planner in too many cases is donned by someone who is really a salesperson whose main agenda is to get you to buy a financial or investment product. A federally regulated and licensed designation for financial planners should make clear that a planner has the fiduciary responsibility to look out for your best financial interest — not the planner’s bottom line.