Daytona Beach-Based Financial Advisor Calls for a Fiduciary Standard in Financial Services Industry
Dan Brownsberger of FirsTrust works with NAPFA to increase awareness of fiduciary standards.
Daytona Beach, FL (PRWEB) October 29, 2006 -- Financial advisors who are held to a fiduciary standard occupy a position of special trust and confidence when working with a client. As a fiduciary, the financial advisor is required to act with undivided loyalty to the client, which includes disclosure of compensation and corresponding conflicts of interest. Unfortunately, many financial advisors are not held to such standards and frequently consumers suffer.
To help educate consumers in the Chicago area about the need for financial advisors to adhere to a fiduciary standard, Dan Brownsberger of FirsTrust in Daytona Beach, FL, is working with the National Association of Personal Financial Advisors (NAPFA) as a local point of contact for their annual Focus on Fiduciary campaign -- a national, consumer-oriented public service campaign aimed at educating Americans about the need for financial professionals to hold themselves to a fiduciary standard.
The campaign, beginning on July 1st and running throughout the month, will address the pressing issues surrounding the need for a fiduciary standard. Mr. Brownsberger and NAPFA hope to shed light on this important issue while helping consumers ask the right questions of their respective financial advisors. To make the campaign as effective as possible, several resources are available to the industry and consumers alike, including:
- An informative website with details on the Fiduciary issue (www.FocusonFiduciary.com)
- Promotional flyers and posters
- Public Service Announcements – radio and print
- A Fiduciary Questionnaire
- Various handout materials
"Too many consumers are confused about what it means to be a financial advisor," said Dan Brownsberger. "Someone who is held to a fiduciary standard will have certain qualities about them -- in the way they charge and disclose information -- that are not common throughout the industry. Many financial advisors are simply brokers looking to sell a product ... not advice. I hope the Focus on Fiduciary campaign helps people better understand the different aspects of the financial services industry."
NAPFA is distributing CD-ROMs with pre-recorded Public Service Announcements (PSA), PSA scripts, and print ads to the media throughout the summer. All PSA files are available for download through www.FocusonFiduciary.com. If you are a member of the media and would like a copy of the CD-ROM, or would like to discuss the principles behind the campaign, please contact Bill Kearney at (386) 788-3737 or bill@FinancialTeam.com.
Consumers and financial professionals looking for information on the Focus on Fiduciary campaign can visit www.FocusonFiduciary.com.
ABOUT FIRSTRUST
FirsTrust is a team of Fee-Only professionals hired by individuals and families to deliver expert advice without the conflicts of the traditional investment industry.
For more information about FirsTrust, please visit www.FinancialTeam.com.
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