- Best Practices
- Fiduciary September
- Frankel Prize
- Campaign for Investors
Resource Advisory Services
On March 26, 2017
Resource Advisory Services will work with clients remotely. Resource Advisory Services offers comprehensive wealth management, investment management, and financial planning.
Compensation methods accepted
Assets Under Management (AUM)
Fixed fee based on assets or financial circumstances.
Required education for senior advisors in the firm
Advanced education in Finance or a related area
CFP® (Certified Financial Planners)
NAPFA-Registered Financial Advisor
Link to SEC/state registration:
Resource Advisory Services
While working in an insurance agency that called itself a financial planner, I heard tapes of speech’s by NAPFA founders, who taught me a fee-only, fiduciary business model could serve clients in ways that would be very different, as wells as in line with my personal beliefs about the best client-advisor relationship. That was 1984 and 1985. May 1, 1985 I moved into a $100-a-month shared office space and have been serving clients this way since.
A broker has a responsibility to make transactions happen and is most often paid for success in making transactions happen, while a fiduciary is voluntarily charged with bringing their expertise into relationships for the primary benefit of those served.
Meaningful conflict of interest disclosure involves clear communication for a reasonably tested belief that all parties in the relationship have understanding for the ways specific conflicts of interest could influence behavior in their service. When I have a conflict of interest, it is too easy for me to convince myself my advice is not influenced by it, which can lead to unintentional or intentional avoidance of complete disclosure. A way to erroneously believe I have given disclosure is to obscure the conflict with language that makes it difficult to understand, instead of easy.
When clients come to rightfully believe they are getting fiduciary, objective advice, their sense of security and wellbeing improves dramatically. They can focus on the substance of the advice, rather than guarding against the possibility of mishandled trust. We find it is still worthwhile to frequently remind our clients to test whether our advice is in their best interest, because they can help us avoid conflicts of interest we may not recognize. It makes the relationships stronger.
The Institute for the Fiduciary Standard
Welcome to the Institute for the Fiduciary Standard!The Institute is a nonprofit formed in 2011 to benefit investors and society through its research, education and advocacy of the fiduciary standard's importance to investors, our capital markets and economy. Six key fiduciary duties embody the fundamental elements of an investment fiduciary’s responsibility. Read More
Why an InstituteThe rationale for an Institute for the Fiduciary Standard is straightforward: The fiduciary standard is important, representing ideas central to our form of government and free market economy; it is under significant pressures from market forces that could sharply limit its reach; no other entity is solely focused on preserving and promoting the fiduciary standard. More...
The 6 Core Fiduciary Duties
- ‣ Serve the client’s best interest
- ‣ Act in utmost good faith
- ‣ Act prudently -- with the care, skill and judgment of a professional
- ‣ Avoid conflicts of interest
- ‣ Disclose all material facts
- ‣ Control investment expenses
Best Practices Board
- Christopher Cannon, CFA
- William C. Prewitt, M.S., CFP
- Stephen D. Johnson, CFP©
- Knut A. Rostad, MBA
- General Counsel to the Best Practices Board: Daniel Bernstein
- Clark M. Blackman II, CFA, CFP, CPA/PFS