Sometimes it feels like the Great Recession was like Hurricane Sandy: devastating, unexpected and with far-reaching effects, especially on retirement savings and policy. In times of crisis, we turn to leaders; and there is no better leadership institution trained to deal with crisis than the military. To that end, Don Trone, founder of 3Ethos and fi360 before that, has partnered with the Academy Leadership, founded by West Point and Annapolis graduates, to create a leadership training program for investment fiduciaries.
Ten years ago, the hope was that adhering to sound fiduciary standards would be enough to help people achieve their financial and retirement goals. But fiduciary services have become too technical and commoditized. Many advisors with little training, resources or experience hold themselves out as fiduciaries; and third parties are willing to take on fiduciary status for 3 basis points or less. Furthermore, there is a trust deficit with many financial institutions, which were perceived to have taken advantage of their position even though they might have technically complied with the law.
“Stewardship” might be a better term, with leadership as the foundation — both of which are part of Trone’s new three-day Leadership Bootcamps held at various military academies. He continues to push the industry to reach for standards higher than what the current laws might require.
