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President of Family Investment Center Talks About Revised Standards in Journal of Financial Planning

Since Day One, Family Investment Center Advisors Have Operated as Fiduciaries

 

 

Personal finance touches everyone, although some of us devote more time and energy to this area than others. It’s no surprise that the environment across the financial industry -- from basic banking to 401(k) investing to Social Security - is constantly changing. At Family Investment Center, we keep up-to-date on these changes and how they may affect your financial planning and investment management.

 

The guiding forces behind these issues can seem far away, but they are not. In fact, St. Joseph plays a powerful role through Richard C. Salmen, CFP®. Salmen is president of Family Investment Center and also serves as 2018 Chair of the CFP® Board’s Board of Directors.

The CFP Board guides 80,000 CFP Financial Professionals, and the new standards they just adopted forever change the national financial landscape. Salmen’s June 2018 article in the prestigious Journal of Financial Planning details the new standards and explains why they are necessary.

 

In “Raising the Bar: Elevating the Fiduciary Standards for CFP Professionals,” Salmen said the standards are actually 30 very carefully chosen words that “contain a revised financial planning definition that is shorter, without sacrificing clarity, and provides great accessibility for the public.”

 

Financial planning is a collaborative process that helps maximize a client’s potential for meeting life goals through financial advice that integrates relevant elements of the client’s personal and financial circumstance,” the standard reads.

 

Salmen said the CFP® Board’s standards of professional conduct also reflect the commitment that the CFP® professionals make when they uphold high standards. Furthermore, this adherence to standards “raised the bar” for the country’s 80,000 CFP® professionals.

 

“Consumers expect financial professionals to act in their best interests,” Salmen wrote. “Under the new Standards, anytime a CFP® professional gives advice, a fiduciary standard will apply. This means that CFP® professionals are required to act in the best interest of their clients not only during the financial planning process, which is what we previously required, but at all times when providing financial advice.”

Salmen said the CFP® Board spent more than two years developing, reviewing and deliberating proposed revisions to the Standards, working toward a goal of striking the right balance between serving the public interest and ensuring the rules will be practically applied and enforced.

At Family Investment Center, we established ourselves as fiduciaries on day one of opening our doors. We believe acting in the best interests of the client is the right way for our team to carry out our business model. Make an appointment today to find out how we put this philosophy into action.

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