EXCELSIOR CAPITAL PRESENTS

The Fiduciary Frontier: Navigating the Complex World of Personal Finance

Don Trone is the CEO and one of the Co-founders of 3ethos. In 2015 he was named by Investment Advisor magazine as the “Father of Fiduciary” and one of the 35 most influential people in the financial services industry.
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Podcast: The Fiduciary Frontier – Navigating the Complex World of Personal Finance

Don Trone is the CEO and one of the Co-founders of 3ethos. In 2015 he was named by Investment Advisor magazine as the “Father of Fiduciary” and one of the 35 most influential people in the financial services industry. He is also the author or co-author of ten books on the subject of fiduciary responsibility, portfolio management, and leadership.

Key Highlights

[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

Additional Links:

Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/

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