Kerry Morris discusses the importance of fiduciary standards in financial advisory.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-kerry-morris-cfp-founder-of-honorshield-discussing-fiduciary-standards/
The episode delves into the concept of fiduciary standards and its implications for financial advisors. Fiduciary standards require advisors to prioritize their client’s best interests above their own in all aspects. This includes disclosing any conflicts of interest and acting in the client’s best interest. This standard has been in place for approximately 80 years.
The episode also touches upon other standards, such as the suitability standard, which has been around for years but is not as frequently discussed as the fiduciary standard. Unlike the fiduciary standard, the suitability standard does not necessitate prioritizing the client’s best interest to the same extent.
In addition to the fiduciary standard, Kerry emphasizes the significance of empathy, care, and intent. He suggests that while the fiduciary standard should serve as a foundation, having an advisor who genuinely cares for the client’s well-being goes beyond meeting the standard.