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President Endorses Fiduciary Standard

March 3, 2015 by The Trust Company of Tennessee

During a recent AARP event, President Barack Obama backed new rules requiring investment advisors to put their clients’ interest ahead of their own.  By endorsing a fiduciary standard for 401(k) plans and IRA accounts rather than a suitability standard the President is helping change the industry to be more transparent.

At The Trust Company we are proud of the fact that we have adhered to the fiduciary standard since our inception in 1987.  The fiduciary standard includes the following:

  • Put the client’s best interest first.
  • Act with prudence; that is, with the skill, diligence and good judgment of a professional.
  • Do not mislead clients; provide full and fair disclosure of all important facts.
  • Avoid conflicts of interest.
  • Fully disclose and fairly manage, in the client’s favor, unavoidable conflicts.

Until the new rules are required, we would recommend investors only work with firms in the investment industry willing to adhere to the fiduciary standard, like The Trust Company.

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