The Fiduciary Frontier: Navigating the Complex World of Personal Finance
Podcast: The Fiduciary Frontier – Navigating the Complex World of Personal Finance
[00:01 – 07:40] Fiduciary Responsibility and Coast Guard Veteran
- 5 million people have a legal responsibility for managing someone else’s money
- Fiduciaries have a duty to inspire and engage others, protect assets, and demonstrate a pleading process
- The lack of procedure process checklists in the financial services business
[07:40 – 17:55] Fiduciary Regulations: Complexity, Disclosure, and Private Equity Impacting Investors
- Regulators are doing more harm than good by making disclosure too complex for the average investor to understand
- There are 8 other factors that can negatively impact investment performance besides fees and compensation, which are not covered in current regulations
- There is a lack of understanding of the concept of fiduciary from front to back in Washington DC
[17:56 – 23:02] Uncovering Best Practices in Financial Services: Exploring Behavioral Governance and Behavioral Finance
- The SEC could take 1% of their enforcement budget to market for training
- Looking for an authentic leader and steward with a command presence
- Complexity is an inhibitor to trust, so avoid industry jargon and legalese when talking to clients
- Behavioral governance is a new framework that uses plain English and is universal
- Behavioral finance evolved from behavioral governance research
[23:03 – 35:15] Investigating the Leadership Behaviors Behind the Success
- The Coast Guard was the only government agency to respond effectively to Hurricane Katrina
- Congress held hearings to investigate why the Coast Guard got it right and everyone else failed
- Don Trone started 3ethos, which integrates leadership, stewardship, and governance
- The three areas to focus on: creating a master’s degree with a concentration in fiduciary studies, developing protocols or training programs for lay fiduciaries, and board certifying fiduciaries by specialty
[35:16 – 38:25] Closing Segment
Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/
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With 35 years of experience in financial services, working on Wall Street and for major regional firms, Richard has seen it all.
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