August 19, 2010
Being a fiduciary represents the highest standard in responsibility and trust.
Professionals are either fiduciaries or they are not. It is not something you can turn on or off during the handling or recommending of a clients funds.
Professionals can not have it both ways.
It is that simple.
If a professional states that they are fiduciaries than any method (example: using disclosers) cannot relieve them of their responsibilities of being fiduciaries.
The word fiduciary needs to be strengthen. It needs to remain and represent the highest standard possible.
I would like to suggest that the word "FIDUCIARY" become a formalize method of identification for those professionals that meet a set standard of criteria.
It needs to represent the professionals complete practice, not part time. Professionals can not act as a fiduciary in developing a financial plan then switch to a salesman mode in selling a product. Being a fiduciary is a 24 hour a day – 7 days a week occupation.
Any professional that receives compensation from a company, sale of a product, or a fee not directly from the client can not be a fiduciary. No disclosures can circumnavigate being a fiduciary.
Being a Fiduciary is the highest level of service and responsibility one has in a practice. A professional is either a fiduciary or they are not.
William McElroy
Guardian Plus, Inc.