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Who is a Fiduciary and What is their Role?

You may be hearing a lot about Fiduciary interest in the news and in communications you are receiving from your current investment firm. A Fiduciary is someone who has a higher standard of care by acting with loyalty, prudence, diligence, skill and care. Who is a Fiduciary and what is their responsibility?

A CERTIFIED FINANCIAL PLANNER™ Professional: A CFP® professional who is providing financial planning services is held to the duty of care of a fiduciary as defined by the CFP Board.

The Employee Retirement Income Security Act (ERISA) requires those in charge of plan management will be held a fiduciary standard. Anyone that has discretionary authority over the plan, anyone on an investment committee or anyone giving investment advice is held to a fiduciary standard.

The Department of Labor Fiduciary Rule, which has been postponed for further review. Currently the Department of Labor has issued a rule that any financial professional giving education or advice on retirement assets be held to a fiduciary standard.

 

Sources:

https://www.cfp.net/for-cfp-professionals/professional-standards-enforcement/compliance-resources/frequently-asked-questions/fiduciary-duty

https://www.dol.gov/general/topic/retirement/fiduciaryresp

https://myrjnet.rjf.com/ResourcesandSupport/AboutRaymondJames/GovernmentRelations/DOL-Fiduciary-Rule/RJDocumentLibraryInstance/Documentation%20Best%20Practices%20for%20Fiduciaries.pdf

 

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete the CF Board’s initial and ongoing certification requirements.

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