While there are 17.5 million men and women who have the legal responsibility for managing $26.6 trillion in assets held in pension plans, foundations, endowments and personal trusts, many of these so-called "lay fiduciaries" often don’t understand what they are supposed to do.
That’s a key finding of a survey conducted by the Center for Board Certified Fiduciaries, a Stonington, Connecticut-based group that will be awarding a new designation, Board Certified Fiduciary, aimed at educating lay people who take on a fiduciary responsibility.
“The CBCF will be affiliating with a leading university to provide a graduate-level certificate in fiduciary leadership, stewardship and governance,” the group said in a release, adding that, over time, it will develop curricula for the first graduate-level programs with a concentration in fiduciary responsibility.
According to the report, close to 3 million lay fiduciaries manage about $20 trillion in assets in retirement plans, while almost 13 million managed about $6 trillion in foundations and endowments, and about 1.6 million oversee more than $172 billion in private trusts.
For service-focused financial advisors who might take their well-being for granted, regular check-ins and active listening from the top can provide a powerful recharge.
With Parkworth Wealth Management and its Silicon Valley tech industry client base now onboard, Savant accelerates its vision of housing 10 to 12 specialty practices under its national RIA.
Meanwhile, $34 billion independent First Manhattan welcomed New Jersey-based Roanoke Asset Management, an RIA firm with more than 40 years of history.
Most notably, two chief compliance officers have also recently left the firm.
The latest team to join Cetera, led by a 29-year veteran professional, arrives with roughly $380 million in AUA from OSJ Private Advisor Group.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
