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Don Trone
By Don Trone | 11/9/2017
I don’t believe that the required disclosures associated with the DOL’s conflict-of-interest rule will pose the greatest liability for firms. Rather, it will be the organization’s inability to demonstrate established fiduciary best practices that will put firms at risk.Many organizations are...
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By Don Trone | 8/3/2017
Consider this quote from management guru Ram Charan: “Seventy percent of strategic failures are due to poor execution of leadership. It’s rarely for lack of smarts or vision.” (Execution: The Discipline of Getting Things Done)Can we draw parallels to the retirement industry? When you consider...
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By Don Trone | 5/24/2017
Neuro-Fiduciary is a new industry term that has evolved to represent the use of neuroscience to help amplify, infuse, and improve the quality of a fiduciary’s decision-making process. Of particular importance, its framework can be used to illuminate the process for building client trust and loyalty...
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By Don Trone | 2/10/2017
A recent World Economic Forum report, The Future of Jobs and Skills, included a list of the top 10 skills that will be valued most by 2020: Complex problem solving Critical thinking Creativity People management Coordinating with others Emotional intelligence Judgment and decision-making Service...
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By Don Trone | 4/24/2015
Since 2012, there has been a dramatic shift in the style of leadership that most people prefer. Here are seven signs that you may have missed as this shift occurred:1. Empower: One sign you might have missed is that people don’t want to be told what to do. They want to be informed about what needs...
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By Don Trone | 4/17/2015
A requisite for leadership is courage — you can’t lead without it. Good character, competence, a sense of purpose and being passionate about what you believe is right are all critical, but they aren’t enough.Here are seven signs to help you determine whether you have lost your nerve. Disconnect...
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By Don Trone | 4/10/2015
Do you want to stand out from your competitors? Here are seven ways to set yourself apart:1. Lead. Every successful and worthwhile endeavor has a leadership component, and advising a 401(k) plan is no exception. The rules and requirements for 401(k) plans are complex and intimidating; plan sponsors...
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By Don Trone | 4/2/2015
If you’re an RIA or IAR, you are required by the SEC (federal and most states) to have a code of ethics. If you are using the sample language provided by the SEC, then you don’t have a code of ethics — you have a code of conduct. A code of ethics is principles-based; a code of conduct is rules-...
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By Don Trone | 3/30/2015
Planning is a critical aspect of any undertaking, whether it be business, personal or financial. A process, either formal or not, is almost always essential. Key steps usually include Analyze, Strategize, Formalize, Implement and Monitor. With all that, what could possibly go wrong?So, what are the...
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By Don Trone | 2/23/2015
I just came across an incredible story that was reported by Financial Planning magazine recently: “Charles Barkley Plug [Is] a Slam Dunk for Raymond James Advisor.” The article is about a CNBC interview with the former NBA great conducted on the floor of the New York Stock Exchange Feb. 17. The...
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By Don Trone | 7/24/2014
ERISA requires fiduciaries to demonstrate their procedural prudence. Besides being a legislated and regulated requirement, it also makes good business sense. We can reduce the risk associated with a particular investment decision-making process by incorporating prudent practices — the more...
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By Don Trone | 5/29/2014
How does that title grab you? Did it catch your attention? Make you smile? Think about all the plan sponsor meetings you’ve conducted where you have tried to teach trustees the multi-dimensions of a fiduciary standard of care. Didn’t get you anywhere, did it?In 2007, after spending 20 years trying...
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By Don Trone | 4/29/2014
As a NAPA member, you should be very familiar with the term procedural prudence. The term is the cornerstone to an understanding of a fiduciary standard of care. I associate procedural prudence with three requirements; the fiduciary must show: • the details of their decision-making process; • that...
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By Don Trone | 2/3/2014
In a recent post, “Are Elite Retirement Advisors Born or Made?” I wrote about the gene “rs4950” and the brain wave patterns that elite retirement advisors are likely to have in common. I also mentioned that most elite advisors have probably devoted at least 10,000 hours to perfecting their craft....
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By Don Trone | 1/27/2014
Researchers have concluded that the answer to that either/or question is “yes.” Elite advisors are both born and made. It's true that elite retirement advisors are likely to possess a common gene and have similar brain wave patterns. However, what nearly all elite advisors have in common is that...
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By Don Trone | 1/23/2014
I recently reviewed some training material that is being prepared for professionals new to the retirement industry. When I was finished, the project manager asked me what I thought of the course. From a technical standpoint it appeared to include the critical subjects that needed to be taught, and...
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By Don Trone | 7/10/2013
Does “fiduciary” still send tingles down your back, or has the love gone out of the relationship?For more than 26 years I have been teaching retirement advisors that all things warm and wonderful can be linked back to a fiduciary standard. I no longer believe that; I think we may be at the start of...
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