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

RIA dealmaking accelerates as three firms hit AUM milestones
RIA dealmaking accelerates as three firms hit AUM milestones

Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing

VastAdvisor closes $1 million SAFE round from advisor-side backers
VastAdvisor closes $1 million SAFE round from advisor-side backers

Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.

Wells Fargo adds three advisor practices as recruiting rebound continues
Wells Fargo adds three advisor practices as recruiting rebound continues

New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.

UBS will pay advisors 'handsomely' for banking starting next year
UBS will pay advisors 'handsomely' for banking starting next year

Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.

SEC accuses Tricolor executives of hiding $800 million collateral hole
SEC accuses Tricolor executives of hiding $800 million collateral hole

How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income