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/