On Friday, FPA President Mark Johanessen released a message regarding the FPA's resolution addressing fiduciary standards for financial planners. He quotes the standard:
All financial planning services will be delivered in accordance with the following standard of care:
- Put the client's best interests first;
- Act with due care and in utmost good faith;
- Do not mislead clients;
- Provide full and fair disclosure of all material facts; and
- Disclose and fairly manage all material conflicts of interest.
Johannessen goes on to promise that the standard of care will be publicly promoted and reaffirmed on request from consumers. He also mentions upcoming recommendations from the FPA Best Practices Task Force for "additional guidance and interpretation for members on how to live to a fiduciary standard in a variety of financial planning situations." In case you have forgotten, the Task Force includes fi360 CEO Blaine Aikin.
The FPA also provides a community forum for discussion among members and the public, with a special thread now dedicated to the Standard of Care. We encourage fi360 AIF/AIFA designees who are also FPA members or CFP® certificants to make their thoughts known both on the FPA's site and in the comments section here.
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