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Key takeaways. Fiduciary duty obligates a professional to act in the client’s best interests. This can apply to financial advisors, attorneys, real estate agents and other professionals.
NAPFA has the highest continuing education requirement in the industry, with 60 credit hours required every two years. The combination of strict fee-only rules and a peer review have kept NAPFA's membership small compared to other professional financial planning organizations. As of December 1, 2018, NAPFA had approximately 3,500 members. [1]
The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the US-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and financial professionals.
An IA must adhere to a fiduciary standard of care laid out in the US Investment Advisers Act of 1940.This standard requires IAs to act and serve a client's best interests with the intent to eliminate, or at least to expose, all potential conflicts of interest which might incline an investment adviser—consciously or unconsciously—to render advice which was not in the best interest of the IA ...
A fiduciary deposit account is an account that’s owned by one or more persons but managed by another. The owner is known as the principal, while the manager is known as the fiduciary.These ...
In 2008, CFP Board's Board of Directors adopted a set of revisions that included a non-negotiable fiduciary standard of care for financial planning services. [30] This meant that CFP professionals were required to commit to CFP Board, as part of their certification, to act as a fiduciary, and therefore in the best interests of their client ...
A financial adviser is generally compensated through fees, commissions, or a combination of both. For example, a financial adviser may be compensated in one or more of the following ways: [4] An hourly fee for advisory services; A flat fee, such as $3,500 per year, for an annual portfolio review or $5,000 for a financial plan.
Under the Prudent Investor Act standard, a fiduciary would not be held liable for individual investment losses, so long as the investment, at the time of acquisition, is consistent with the overall portfolio objectives of the account. Diversification is explicitly required as a duty for prudent fiduciary investing.