Being a Financial Advisor through a Registered Investment Advisory firm automatically qualifies Bret A. Wilson as a fiduciary. But having a fiduciary duty to his clients is not always an easy concept to explain, so he took the steps necessary to help make this a little clearer by earning a Certified Financial Fiduciary designation.
By completing a rigorous certification and training process established by NACFF (National Association of Certified Financial Fiduciaries) and AFEA (The American Financial Education Alliance), he is required to uphold the highest moral, ethical and fiduciary standards of service when providing advice to potential or existing clients.
All advisors should be looking out for their clients’ best interests, but only a fiduciary is actually held accountable to that standard.
CFF Code of Conduct
As a Certified Financial Fiduciary®, one must agree to uphold the highest moral, ethical and fiduciary standards of service when providing advice to potential or existing clients. These standards have been set forth in the following Code of Conduct:
- Practice the Duty of Loyalty—first and foremost, agree to always put the client’s best interest first
- Practice the Duty of Good Faith—fundamental obligation to treat all clients fairly
- Practice the Duty of Good Care—fundamental obligation to exercise the skill of an expert and to advise only in those areas where expert skill level has been obtained
- Educate First—provide comprehensive and unbiased education to clients ensuring they have a firm grasp of the subject matter prior to making specific suggestions or advice
- Holistic Approach—consider all aspects and factors that affect a plan prior to making suggestions or advice about any part of a client’s financial plan or circumstance
- Full Disclosure—always divulge all fees and commissions as well as disclose any conflicts of interest
- Comparison—always provide comparisons of suggested products with detailed explanations of why one is being suggested over the other
- Confidentiality—protect and keep all clients’ information confidential and securely stored
- Professional Practice Management—CFF designees must agree to run their practice with the utmost professionalism using proper documentation and procedures set forth by all relevant governing bodies including the SEC (where applicable) and the DOL. They must also agree to be audited by the CFF organization to ensure that all the above standards are being met at all times.
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