Vanguard Founder John C. (Jack) Bogle, Personal Finance Writer, Jane Bryant Quinn endorse Best Practices, speak on importance of fiduciary standard to investors
Lake Oswego, OR, March 26, 2017 — Joseph Alfonso, CFP®, ChFC®, EA, RICP®, Fee-Only financial planner and principal of AEGIS FINANCIAL ADVISORY, LLC, (https://www.aegisadvisory.com) an RIA firm with offices in Lake Oswego, OR and Cupertino, CA, has been named a “Best Practices Advisor” by the Institute for the Fiduciary Standard (https://www.thefiduciaryinstitute.org), a nationally recognized authority on fiduciary duties and what the best advisors should do to serve client’s best interests. AEGIS FINANCIAL ADVISORY is one of 27 advisor firms that have subscribed to Best Practices: Professional Conduct Standards.
Knut A. Rostad, president of the Institute for the Fiduciary Standard, said in a statement:
“Best Practices Advisors, like other respected professionals, do more for their clients. They meet rigorous and concrete standards. They publicly and plainly demonstrate to investors and regulators what they do for clients. They demonstrate how fiduciary duties are translated into tasks and deeds that investors understand and value. They engage clients in ways that can build client trust. Ways which, they believe, build a foundation for deeper client-advisor relationships.”
Jane Bryant Quinn, personal finance writer and author underscores the importance of what fiduciaries must do:
“Fiduciaries disclose all fees including the fees associated with investment recommendations. They should have few or no conflicts (for any unavoidable conflicts) they disclose it in full and explain what it means.”
Best Practices Advisors
Best Practices Advisors, in accordance with the Best Practices Affirmation Program, put the Best Practices on their website and language on their Form ADV stating they subscribe to the practices.
Members of the first class of Best Practices Advisors spoke out candidly about Best Practices and fiduciary.
In discussing his reasons for deciding to subscribe to the Best Practices, Joseph Alfonso said:
“I formed my firm with the goal of providing non-conflicted, comprehensive financial advice. I work solely for my clients, not a financial services company, and my primary loyalty is to them. … A business model that places the burden on the client to know when their adviser is acting in their best interest and when he is not is fundamentally flawed. Clients deserve the reassurance that their adviser is acting in their best interest 100% of the time. Simply put, fiduciary advice places the focus on where it belongs: doing what is best for the client, not the adviser or his employer.”
Best Practices Affirmation Program Supporters
The Best Practices Affirmation Program has won the support of leaders in the advisory industry. When the program was announced last September, former SEC Commissioner, Luis Aguilar, stated, “Many investors view finance and financial advisors in a dim light. It’s important for the industry to take steps to improve this situation. Subscribing to and advocating for the Institute’s Best Practices is an excellent start.”
Institute for the Fiduciary Standard
The Institute for the Fiduciary Standard is a non-profit formed in 2011 to provide research, education and advocacy on the vital role of the fiduciary standard for investors and the capital markets. Visit the website, here: https://www.thefiduciaryinstitute.org.
Aegis Financial Advisory, LLC
Aegis Financial Advisory, LLC is a Portland Oregon and San Francisco Bay Area Fee-Only Fiduciary financial planner specializing in retirement planning for pre-retiree couples. We are experts in Social Security and retirement income planning and taxation. Our goal is to help clients fully enjoy their life in retirement free from the worry of ever running out of money. Visit us at: https://www.aegisadvisory.com