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One Opinion on the AIFA
[By Dr. Ron Miller; CFP®, AIFA®]
There are over 5,000,000 fiduciaries around the country responsible for other people’s money and sitting on boards and investment committees. Many have had no formal training on their duties and responsibilities as fiduciaries.
The AIF™ and AIFA™
The AIF and the AIFA designations deal mainly with reviewing the fiduciary issues of the investment process, especially for Trusts, pension plans and Institutional money. For example:
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Is the money being managed according to the basic documents (Investment Policy Statements, etc)?
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Are fees reasonable?
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Are the investments being monitored on a regular basis?
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What are the criteria for the fund or manager being put on a watch list or removed?
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Are there any conflicts of interest or self-dealings?
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Are the fiduciaries to the portfolios aware of their responsibilities?
AIF and AIFA™ Designation
The AIF designation is designed to give investment stewards formal training on the fiduciary issues. The AIFA designation goes a step further and permits the designee to formally certify that the organization he is hired to monitor is following the fiduciary investment process with no deficiencies or areas for improvement.
More info: www.Fi360.com
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Filed under: Career Development, Financial Planning, Investing, Op-Editorials |
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Fiduciary Advisors
According to financial journalist Michael C. Keenan, “financial advisors need to be more aware of implicit transaction costs.” For example, “if total transaction costs cannot be obtained, fiduciaries should strongly consider index funds, as an alternate to actively managed funds.”
Any more interesting thoughts on this topic?
Anne
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An adviser should act in your best interests
Ron – Agreed. Always make sure a financial adviser has pledged to act in clients’ best interests at all times. This is called “fiduciary duty.” (Brokers are held to a lesser standard, though they have to sell you “suitable” investment products.)
We are looking for fiduciaries who have pledged to be part of the financial planning honor system.
Dr. Immanuel Victor
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Certified Medical Planner™
Fiduciary accountability is an increasingly contentious topic in the industry. Many stock-brokers believe they are professionals, yet eschew client accountability in a most non-professional manner. They seek to be “financial doctors”, but do not adhere to doctor-like responsibility.
Brokers, renamed “financial advisors”, too often seek the protective legal mechanisms of agency relationships through contract arbitration clauses to shirk their advertised roles. And so, we believe that to be a “professional” means to be held accountable and have a specific font of superior knowledge; just like a physician.
Therefore, if you wish to advise doctors, you must learn about the healthcare industry and accept responsibility like a doctor.
“The informed voice of a new generation of fiduciary advisors for healthcare”
Gene Schmuckler PhD MBA MEd
http://www.CertifiedMedicalPlanner.org
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Understanding the Distinctions: Suitability vs. Fiduciary; Compliance vs. Fiduciary Culture
In a world potentially migrating to “new uniform fiduciary standards,” what additional due diligence and other requirements will financial advisors face while moving from a rules-based regime to a fiduciary regime?
https://www.youtube.com/watch?v=Ugp4ip4x6Ko
Why is adopting a “fiduciary culture” so different from meeting compliance obligations? Professor Rhoades explores recent decisions, proposed rules and emerging trends.
Enjoy
Elyakim
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Fiduciary Education
For the past four decades I have been involved in all areas of personal financial planning with specific activity towards education. And, for all intents and purposes, it simply has not made a difference.
Consumers do not read and think – they will spend more time analyzing the purchase of a refrigerator than reviewing their finances and investments and insurance. ~~ 59% of middle-income Baby Boomers do not receive professional financial guidance of any kind, whether formal or informal. A majority (62%) have some doubts that they will have enough savings to last throughout retirement. That said, a good portion of that problem is dude to the fact that there has not been a solid attempt by the industry to offer real life assistance. They provide all sorts of marketing to induce purchase of “stuff” that generally is highly suspect in terms of fees and probabilities of success. The real offense is telling you that you have to accept huge losses (50%) one or twice a decade with the strict ‘buy and hold’ heuristics. That makes no sense whatsoever and is responsible for the trillions of dollars lost by mid America that they will never see again. Retirees, obviously, are the most vulnerable to this idiocy,
Anyway, I have attempted to get the governmental and private organizations (SEC, FINRA. NASAA, CFP BOARD, DOL, STATE DEPARTMENTS OF INSURANCE et al) to enhance licensing and continuing education training. It’s not happening. Current emphasis for a fiduciary focus has been stalled by the industry and may never be implemented.
Admittedly, this is a “unique” commentary to start this ME-P site, but I actually do have hundreds of pages of information that can be used by involved consumers and industry members to upgrade their knowledge.
Errold Moody PhD MBA MSFS
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