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Best Practices for Financial Advisors

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Best Practices for Financial Advisors
Media Briefing Tuesday April 19 at 1.30 PM ET

What: The Institute for the Fiduciary Standard will report on Best Practices for Financial Advisors developments and the Self Assessment for Advisors.

When: Tuesday, April 19 at 1:30 ET – 2:15 PM

Where: By conference call: 857-232-0159
Meeting ID: 626004

Who: Knut A. Rostad, President
Institute for the Fiduciary Standard

Bryan D Beatty
Egan, Berger & Weiner, LLC
Member, Best Practices Board

Michael Warszawski
Senior Managing Director at Manchester Capital Management
Moderator of the Chairman’s Council

William Prewitt
Charleston Financial Advisors
Member, Best Practices Board and NAPFA

Background: The DOL Conflict of Interest Rule puts fiduciary duties front and center at a key time. Retiring boomers and nagging investor distrust in finance highlight the dilemma and confusion of the diverse views of fiduciaries and the industry. For investors, though, the question is simpler: ‘What should I expect from a really good fiduciary advisor?’

The Institute along with NAPFA, a partner on the Best Practices initiative, released Best Practices for Financial Advisors in September 2015 to help address this question. and has initiated testing of a tool for advisors to assess their adherence to Best Practices. Chairman’s Council members, NAPFA and dual registrants provided important input. The Best Practices can be found here: https://thefiduciaryinstitute.org/ wpcontent/uploads/2015/02/BestPracticesFinal-copy.pdf.

More Information: Knut A. Rostad: knut@thefiduciaryinstitute.org, 301-509-6468
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Fiduciary Doings

Tamar Frankel and Phyllis Borzi

 

The Institute organized a meeting to discuss common interests on Reg BI, the states and advocacy on January 16 in Washington. 22 leaders from nine advisor and consumer advocacy organizations attended.

Here, Phyllis Borzi (left) and Tamar Frankel, Institute Board of Advisor members, are seen readying to depart an Institute dinner, the evening before, where they led discussions.

Carolyn McClanahan

 

"With the advent of 401(k)s and the decimation of pension plans to ensure financial security in old age, a fiduciary standard is more important than ever. The public needs to be confidant that advisors helping them plan for their retirement years always and only act in their best interest as a fiduciary. I'm happy to endorse organizations such as the Institute for the Fiduciary Standard that promote protections for those who need to secure their financial future."