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Financial advisers, trustees, and plan sponsors—in fact, anyone who provides investment advice—may be held to a fiduciary standard of care for the financial well-being of their clients, beneficiaries, or employees. Accountants, attorneys, and wealth managers all need to know about these responsibilities. But what, exactly, is meant by the term "fiduciary standard"? What must advisers do to be sure their procedures meet legal and ethical standards?
This book identifies the 27 Prudent Practices, organized under Five Steps, that were developed by the Foundation for Fiduciary Studies. The most far-reaching trend in the financial advisory business today is the move toward a fiduciary advisory standard of care. This book establishes for the industry a credible investment-decision process that will meet the growing expectations of investors and regulators for integrity, transparency, and disclosure of fees and conflicts that affect their returns These are measures that professionals can take to demonstrate that they accept, understand, and are fulfilling the role of a fiduciary.