A fiduciary field guide

SEP 16, 2011
On the subject of fiduciary responsibility, there is probably no one more knowledgeable about the history, ethics and how-to-do-it details of the subject than Don Trone. His latest effort on the fiduciary front is Fiduciary Ethos-FPA Edition, a series of fiduciary books and training programs for financial planners that his firm, Strategic Ethos, put together with the Financial Planning Association and Greene Consulting Associates LLC, a training firm. The series provides an in-depth look at the modern tenets of the fiduciary standard of care and illustrates how a principles-based decision-making process can be used to help define and apply such a standard. It also covers and incorporates several of the industry's most important ethical standards, including the FPA's Standard of Care, both the FPA's and the Certified Financial Planner Board of Standards Inc.'s Code of Ethics, the CFP Board's Practice Standards and components of the CFP Board's Rules of Conduct. An digital-format version of the book is available free online to FPA members; bound hard copies can be purchased ($59 for members, $169 for non-members) through the FPA Online Store (fpanet.org/professionals/fpastore). For those seeking historical context for today's fiduciary discussions, Mr. Trone offers a tale of the Iroquois Confederacy, who were always reminded to consider seven generations when they made any decision. “That meant seven generations into the future,” he said, adding that humans have been dealing with concepts involving putting the interests of others first “since the creation of civilization.”

Latest News

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

Most asset managers are using AI, but few let it call the shots
Most asset managers are using AI, but few let it call the shots

Survey finds AI widely embedded in research and analysis, but barely touching portfolio construction or trade execution.

LPL, Raymond James score fresh recruits in advisor recruiting battle
LPL, Raymond James score fresh recruits in advisor recruiting battle

Two firms land teams managing more than $1.1 billion in combined assets from Kestra and Edward Jones.

Edward Jones facing more race bias claims in new lawsuit
Edward Jones facing more race bias claims in new lawsuit

A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management