The Institute for the Fiduciary Standard

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Fiduciary Adviser Groups to Host Virtual Press Conference

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MEDIA ALERT

July 18, 2018 at 3:00 pm ET

 Download PDF version of this Press Release Here

Time-urgent “Raise Your Voice” campaign gains momentum, new organizations and RIA firms join the chorus

Washington, D.C., July 14, 2018 – Several nationally recognized groups of fiduciary advisers on June 28, 2018, announced an initiative to urge RIAs (SEC and state registered investment advisers) to write the SEC (Securities Exchange Commission) and explain how independent financial advisers are different from brokers. The initiative launched as the SEC is currently seeking comments on proposed rules related to standards for FINRA licensed brokers and SEC/state registered investment advisers. Comments are due August 7, 2018; independent advisors are being encouraged to email their comments to [email protected] Subject line: S7-08-18).

A virtual Press Conference will be held July 18, 2018, at 3:00 ET

Register here to attend live and/or to receive the recording:
https://attendee.gotowebinar.com/register/2240987608407029762

The purpose of the virtual meeting is to allow members of the press to hear directly from the groups involved. Delivering short prepared remarks before opening up the conference call to interested journalists for Q&A will be executives and board members from the following organizations:

Bob Clark, long-time journalist and financial advisor advocate, will moderate a 30-minute panel discussion followed by Q&A from journalists attending.

Marie Swift and her team at Impact Communications will be providing technical assistance serving in a co-moderator role. Questions may be sent in advance to [email protected].

Please register for the Virtual Press Conference with Fiduciary Adviser Groups on July 18, 2018, at 3:00 PM EDT at: https://attendee.gotowebinar.com/register/2240987608407029762 (after registering, you will receive a confirmation email containing information about joining the webinar).

If you need assistance with registering, contact [email protected] or phone 800-974-7753.

To read all the proposed rules that might be of interest to an RIA:

The “Raise Your Voice” group suggests fiduciary advisers pay special attention to S7-08-18.

ABOUT THE “RAISE YOUR VOICE” FIDUCIARY GROUPS

About MarketCounsel

MarketCounsel is a leading business and regulatory consultancy to the country’s preeminent independent investment advisers at all stages throughout their lifecycle. From its roots in 2000, MarketCounsel has been steadfast in its mission to deliver solutions to the most substantial challenges faced by entrepreneurs in this fast-growing and highly-regulated industry, and it has emerged as one of its most effective advocates. The consultancy’s annual event, the MarketCounsel Summit, has become the premier gathering for the country’s leading growth-oriented, independent investment advisers, and serves as both a spark and catalyst for conversation among the industry’s leaders. Visit www.MarketCounsel.com for more information.

Financial Engines / Edelman Financial Services

Financial Engines (NASDAQ:FNGN) is the nation’s largest independent investment advisor. Financial Engines believes that all Americans — not just the wealthy — should have access to high-quality, unbiased financial help and that a client’s best interests should always come first. Today, more than 750 of the nation’s most respected employers trust Financial Engines to deliver professional financial help to more than ten million employees nationwide. Edelman Financial Services, one of the nation’s largest independent financial planning and investment management firms, will be combined with Financial Engines as part of a transaction announced in April 2018. Financial Engines and Edelman are two firms with similar proud legacies of providing investors with independent financial advice. For more information, visit FinancialEngines.com and/or EdelmanFinancial.com.

PagnatoKarp

PagnatoKarp, an independent wealth management firm with over $3.5 billion assets under advisement, was founded by Paul A. Pagnato and David W. Karp. The True Fiduciary™ Family Office provides personalized, in-house services for investment, planning, tax, legal, private banking, family governance, and concierge. Clients receive transparent advice focused on asset protection, costs, and opportunities to help provide clarity and peace of mind. Paul Pagnato is ranked #19 on Barron’s Top 100 Independent Wealth Advisors, #3 in Virginia on Barron’s Top Wealth Advisors, and #30 on Forbes America’s Top Wealth Advisors. Pagnato also serves on the Institute for the Fiduciary Standard Chairman’s Council. More info is available at: PagnatoKarp.com 

Institute for the Fiduciary Standard

The Institute for the Fiduciary Standard formed in 2011 as a non-profit to provide research and education on the vital role of the fiduciary duties for investors and the capital markets. The Institute’s Best Practice advisers affirm their fiduciary and fee-only practices to the SEC. Advisers and consumers who visit the site will find educational information and the Best Practices Registry of advisers. See TheFiduciaryInstitute.org.

National Association of Personal Financial Advisors

The National Association of Personal Financial Advisors (NAPFA) was established in 1983. NAPFA members adhere to high-level fiduciary standards such as professional competency, comprehensive financial planning and commission-free compensation. Today, NAPFA is the leading professional association dedicated to fee-only financial planning. Consumers can use the NAPFA system to find a NAPFA-registered advisor at NAPFA.org.

Garrett Planning Network

The Garrett Planning Network has a nationwide membership with hundreds of independent, fee-only financial planners providing fiduciary advice to people from all walks of life, without minimum account requirements, sales commissions, or long-term commitments. Consumers can use the Garrett system to find a fiduciary advisor at GarrettPlanningNetwork.com.

XY Planning Network

XY Planning Network (XYPN) is the leading organization of fee-only financial advisors who specialize in providing comprehensive financial planning to Gen X and Gen Y consumers for an affordable monthly subscription fee and without any product sales or asset minimums. All members listed on the XYPN website have taken a fiduciary oath to act in the best interests of their clients, have a clean regulatory record, and have, at a minimum, earned the CFP® mark of distinction to affirm their financial planning expertise and experience. XYPN advisors can be searched by their specialization, and are available to work locally or virtually. Learn more at XYPlanningNetwork.com.

Alliance of Comprehensive Planners

Alliance of Comprehensive Planners (ACP), formerly Alliance of Cambridge Advisors (ACA), is a community of tax-focused financial planners who provide comprehensive planning strategies for their clients on a fee-only retainer basis. ACP members are required to maintain the CFP® or CPA/PFS (or equivalent) designation, complete ACP’s rigorous training program, and meet some of the highest continuing education requirements in the industry. To learn more about this fiduciary network or to find a certified ACP member, visit ACPlanners.org.

The Committee for the Fiduciary Standard

The Committee is an advocate for the authentic fiduciary standard as established under the Investment Advisers Act of 1940. The Committee seeks to help inform and nurture a public discussion on the fiduciary standard. Its objective is to ensure that any financial reform regarding the fiduciary standard, (1) meets the requirements of the authentic, undiluted fiduciary standard, as presently established in the Investment Advisers Act of 1940, and ERISA, and (2) covers all professionals who provide investment and financial advice or who hold themselves out as providing financial or investment advice, without exceptions and without exemptions. The Committee recommends clients take control of the relationship and have their advisor sign this no-nonsense, simple to understand, fiduciary oath: http://www.TheFiduciaryStandard.org/wp-content/uploads/2015/02/fiduciaryoath_individual.pdf

Dan Moisand

 

Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.

The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”

Watch the video of Moisand speaking here.

Bob Veres

 

Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information” Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.

"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."

- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture