Updated Thursday, September 3, 2015 as of 4:53 AM ET

Do Your Clients Trust You?

Trust is critical to establishing good relationships with clients, but thanks to a painful financial crisis and countless scandals, the financial industry has long suffered a trust deficit. So what’s an advisor to do? Talk about it, experts say.

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Comments (1)
Interesting that the CFA Institute cites a suitability standard rather than a fiduciary standard, requiring individualized recommendations and that the broker, planner, consultant, advisor be accountable for their recommendations and fulfill their ongoing fiduciary duties in the consumer's best interest as required by statute.

The CFA Institute may be thinking in terms of an asset manager who serves advisors, not in terms of the advisor's fiduciary duties to each individual client. A money manager fulfilling their fiduciary duty in managing a specific investment mandate in no way alleviates the broker from fulfilling their fiduciary duties to each client.

Posted by Stephen W | Tuesday, July 01 2014 at 2:41PM ET
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