Don Trone: CFP Board Is Not A Fiduciary Champion

3ethos CEO Don Trone published an article for Financial Planning on the minimum standard that CFP Board promoted and their interference with others pressing for higher fiduciary standards.

To say that CFP certificants have been held to a standard similar to the rules recently released by the DoL is like saying a little league team is similar to a professional baseball team. The CFP Board has defined its fiduciary standard in terms of a de minimis common law standard with as many loopholes and exceptions as possible, which allows CFP certificants to avoid accountability.

In fact, the CFP Board has deliberately and intentionally interfered with other, earlier industry efforts to define a higher fiduciary standard for financial planners.

A link to the Financial Planning complete article is here.

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#dontrone #cfpboard #behavioralgovernance #stewardship #leadership #fiduciary

ThinkAdvisor: Don Trone To The Rescue, DOL Rule Revamp

Don Trone, L5, was featured at ThinkAdvisor on what should replace the DOL's Fiduciary Rule to better serve investors.

Don Trone, founder and CEO of the consulting firm 3ethos, is regarded as one of the most influential people on the topic in the retirement, financial planning and investment advisory worlds. And for good reason: He’s devoted the last 28 years of his second professional career to developing fiduciary best practices.   .

“These rules are going to make it easier for bad advisors to hide behind the complexity… and make it harder for honest advisors to provide their services,” said Trone (pictured below). “The greatest harm is going to come to small retirement plans, retirement savers with small account balances, and small retirement advisory firms.”

Continue to read the entire article, linked here.

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#dontrone #fiduciary #dol #erisa #thinkadvisor