There seems to be a day set aside to celebrate almost everything including puppies, Melba Toast and black cows (also known as root beer floats). Now there is a National Fiduciary Day—on March 23, says Fi360.
Fi360, which provides education for financial advisors and issues the Accredited Investment Fiduciary designation upon the completion of a course of study, declared the day as a way to spotlight the importance for advisors to be fiduciaries that put the best interests of their clients first.
The Department of Labor fiduciary rule, which was supposed to go into effect in April but has now been put on hold by the Trump administration, has focused increased attention on the duties of financial advisors,
“While the fate of the DOL fiduciary rule is uncertain, most firms are following through on their commitment to serve clients’ best interests by implementing strong fiduciary practices,” Fi360 said in a statement.
To mark the day, Fi360 is holding tests for the AIF designation in New York, Chicago and San Francisco. Some course work is needed before a financial professional can take the test.
Nearly 10,000 financial professionals have the AIF designation and that number is growing by about 100 a month, said Blaine Aikin, executive chairman of Fi360. Another 50 are expected to be added during the one-day event.
“We feel those who are providing professional financial advice should be fiduciaries,” Aikin said.
Eveyone taking the test will have completed an online educational course. On March 23, attendees will complete more course work before taking the test at the end of the day, Aikin said.
“Advisors are craving answers to their biggest questions about the fiduciary rule and what it means for their clients and their own practices,” he added. The training is designed to “arm them with a strong working knowledge of fiduciary obligations that apply to professional investment advisors. They will also learn how to successfully implement a prudent investment process for the benefit of their clients.”