I was recently interviewed by the Healthcare Financials blog. It is a very interesting blog geared towards medical professionals and financial advisors who serve the medical community. They, like many, are confused and seeking clarity on the fiduciary issue. Some of their questions were particularly interesting coming from one of the "classic" fiduciary fields. Here is a sample question:
Q. Medical Executive Post
You have been very helpful and gracious to us. So, let’s get right to it, Ben. In the view of many; attorneys, doctors, CPAs and the clergy are fiduciaries; most all others who retain this title seem poseurs; sans documentation otherwiseA. Mr. Aikin
You are correct. Attorneys, doctors and clergy are the prototype fiduciaries. They have a clear duty to put the best interests of their clients, patients, congregation, etc., above their own. [The duty of a CPA isn’t as clear to me, although I believe you are correct]. Furthermore, this is one of the first topics we address in our AIF training programs, and what we call the difference between a profession and an industry. The three professions you name have three common characteristics that elevate them from an industry to a profession:
- Recognized body of knowledge
- Society depends upon practitioners to provide trustworthy advice
- Code of conduct that places the clients’ best interests first
The interview continues to look at the meaning behind the various industry designations, specific examples of who is or is not a fiduciary, what various standard agreements provide protection from, how to choose investment professionals, etc. And, the comments section below the post has also generated some interesting discussion that we are monitoring and trying to provide meaningful follow up comments. It is an informative Q&A style post that would be of value to anyone seeking clarity on questions as to who is a fiduciary and what that means, not just to those involved in the medical industry.
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