How are you Celebrating Fiduciary September?

celebrateIn 2012, the Institute for the Fiduciary Standard implemented Fiduciary September as a way to recognize the importance of fiduciary duty within the capital markets. The purpose of this month-long recognition was not only to celebrate advisors who hold their business practices to the fiduciary standard, but also to create awareness regarding the magnitude of responsibility all financial advisors have to act in the best interest of their clients when making decisions on their behalf.

At Financial Fiduciaries, we believe that 2016 is a crucial year for us to recognize this important month. We are in a historic time with regards to the Fiduciary Standard. This past April, the DOL issued its final rule regarding the expansion of the definition for the “investment advice fiduciary,” under the Employee Retirement Income Security Act (ERISA) of 1974. The elements of the new ruling include the following:

  • Significant expansion of  the conditions in which broker-dealers, investment advisers, insurance agents, plan consultants and other intermediaries are treated as fiduciaries to ERISA plans and individual retirement accounts (IRAs) and are not allowed to receive compensation variations based on the investment choices made or recommend proprietary investment products missing an exemption.
  • New exemptions, modifications or revocations in the quantity of existing exemptions, addressing those activities.
  • Retaining the ERISA distinction between non-fiduciary investment education and fiduciary investment advice.

We look forward to seeing how this new ruling will change the way advisors work with clients to provide the best possible investment advice for their specific circumstances. If you have questions about fiduciary duty and how it might affect your investment planning, we would be more than happy to discuss this with you!

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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