{"product_id":"the-new-fiduciary-standard-isbn-9781576601839","title":"The New Fiduciary Standard","description":"Financial advisers, trustees, and plan sponsors—in fact, anyone who provides investment advice—may be held to a \u003ci\u003efiduciary standard of care\u003c\/i\u003e for the financial well-being of their clients, beneficiaries, or employees.  \u003cp\u003eAccountants, attorneys, and wealth managers all need to know about these responsibilities. But what, exactly, is meant by the term \u003ci\u003efiduciary standard\u003c\/i\u003e? What must advisers do to be sure their procedures meet legal and ethical standards?\u003c\/p\u003e \u003cp\u003eThis book identifies the 27 Prudent Practices, organized under the Five Steps, that were developed by the Foundation for Fiduciary Studies—measures that professionals can take to demonstrate that they accept, understand, and are fulfilling the role of a fiduciary.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eFinancial advisers and others offering investment advice will add meaningful value to their practice and show tangible evidence of what sets them apart from the pack.\u003c\/li\u003e \u003cli\u003eAttorneys, CPAs, and others serving as trustees will possess the knowledge to determine whether or not their clients’ investment portfolios are being managed appropriately.\u003c\/li\u003e \u003cli\u003ePlan sponsors will know what to look for in selecting investment consultants and in giving employees the disclosures and information they need.\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe most far-reaching trend in the financial-advisory business today is the move toward a fiduciary standard of care. This book establishes for the industry a credible investment-decision process that will meet the growing expectations of investors and regulators for integrity, transparency, and disclosure of fees and conflicts that affect their returns.\u003c\/p\u003e  Foreword (\u003ci\u003eDonald B. Trone\u003c\/i\u003e).  \u003cp\u003eA Summary of the Five Steps and Twenty-Seven Practices.\u003c\/p\u003e \u003cp\u003ePreface.\u003c\/p\u003e \u003cp\u003eAcknowledgments.\u003c\/p\u003e \u003cp\u003eIntroduction.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE: MODERN PORTFOLIO THEORY.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter One: Early Years.\u003c\/p\u003e \u003cp\u003eChapter Two: Practical Applications.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO: THE FIVE STEPS AND TWENTY-SEVEN PRACTICES.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSTEP ONE: Analyze Current Position: \u003ci\u003ePractices 1.1-1.6.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eSTEP TWO: Diversify—Allocate Portfolio: \u003ci\u003ePractices 2.1-2.5.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eSTEP THREE: Formalize Investment Policy: \u003ci\u003ePractices 3.1-3.7.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eSTEP FOUR: Implement Policy: \u003ci\u003ePractices 4.1-4.4.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eSTEP FIVE: Monitor and Supervise: \u003ci\u003ePractices 5.1-5.5.\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eAPPENDIX I: Sample Investment Policy Statements.\u003c\/p\u003e \u003cp\u003eAPPENDIX II: Subsequent Performance of Mutual Funds: Past Winners' Uncertain Future.\u003c\/p\u003e \u003cp\u003eNOTES.\u003c\/p\u003e \u003cp\u003eContinuing-Education Exam for CFP Continuing-Education Credit and PACE Recertification Credit.\u003c\/p\u003e \u003cp\u003eINDEX.\u003c\/p\u003e \u003cb\u003eTim Hatton,\u003c\/b\u003e a Certified Financial Planner practitioner and Certified Investment Management Analyst, earned the designation of Accredited Investment Fiduciary at the Center for Fiduciary Studies, the nationally recognized training organization affiliated with the Foundation for Fiduciary Studies. He is founder and president of Hatton Consulting Inc., a registered investment adviser, in Phoenix. Prior to starting that firm, he served thirteen years with Morgan Stanley, most recently as senior vice president of investments. He holds a BS in Business Administration from the University of Arizona.  Financial advisers, trustees, and plan sponsors—in fact, anyone who provides investment advice—may be held to a \u003ci\u003efiduciary standard of care\u003c\/i\u003e for the financial well-being of their clients, beneficiaries, or employees. Accountants, attorneys, and wealth managers all need to know about these responsibilities. But what, exactly, is meant by the term \u003ci\u003efiduciary standard\u003c\/i\u003e? What must advisers do to be sure their procedures meet legal and ethical standards?  \u003cp\u003eThis book identifies the 27 Prudent Practices, organized under the Five Steps, that were developed by the Foundation for Fiduciary Studies—measures that professionals can take to demonstrate that they accept, understand, and are fulfilling the role of a fiduciary.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eFinancial advisers and others offering investment advice will add meaningful value to their practice and show tangible evidence of what sets them apart from the pack.\u003c\/li\u003e \u003cli\u003eAttorneys, CPAs, and others serving as trustees will possess the knowledge to determine whether or not their clients' investment portfolios are being managed appropriately.\u003c\/li\u003e \u003cli\u003ePlan sponsors will know what to look for in selecting investment consultants and in giving employees the disclosures and information they need.\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe most far-reaching trend in the financial-advisory business today is the move toward a fiduciary standard of care. This book establishes for the industry a credible investment-decision process that will meet the growing expectations of investors and regulators for integrity, transparency, and disclosure of fees and conflicts that affect their returns.\u003c\/p\u003e  \u003cb\u003eFinally, a clear guide to fulfilling your fiduciary responsibility\u003c\/b\u003e  \u003cp\u003eHere, for the first time, \u003ci\u003eThe New Fiduciary Standard\u003c\/i\u003e\u003c\/p\u003e \u003cul\u003e \u003cli\u003e\n\u003cb\u003eClarifies the fiduciary requirements\u003c\/b\u003e facing today's financial advisers and plan sponsors\u003c\/li\u003e \u003cli\u003e\n\u003cb\u003eIncorporates and expands on the Five Steps and 27 Prudent Practices\u003c\/b\u003e articulated by the Foundation for Fiduciary Studies\u003c\/li\u003e \u003cli\u003e\n\u003cb\u003eExplains in detail, with research findings and real-world illustrations, this the only widely accepted method\u003c\/b\u003e for ensuring that your advice to clients fulfills the letter and spirit of a fiduciary's duties\u003c\/li\u003e \u003cli\u003e\n\u003cb\u003eIncludes guidelines and sample documents\u003c\/b\u003e—plus a valuable review of portfolio theory\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eLong anticipated, much needed, \u003ci\u003eThe New Fiduciary Standard\u003c\/i\u003e walks professionals you through an organized process for making informed, consistent, and defensible investment decisions.\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eThe New Fiduciary Standard\u003c\/i\u003e helps fiduciaries understand the practical application of their duties, provides a range of reference materials, encourages fiduciaries to adhere to a higher standard, and breeds a high expectation for achievement for both fiduciary and their client.\"\u003cbr\u003e —From the AICPA's \u003ci\u003eNote to the Reader\u003c\/i\u003e\u003c\/p\u003e  \"Tim Hatton tells fiduciaries exactly what they need to know and does so with clarity and care.\"\u003cbr\u003e —\u003cb\u003eBurton G. Malkiel\u003cbr\u003e \u003c\/b\u003eAuthor, \u003ci\u003eA Random Walk Down Wall Street\u003c\/i\u003e  \u003cp\u003e\"Every financial professional should have Tim Hatton's \u003ci\u003eThe New Fiduciary Standard\u003c\/i\u003e on the desk. It will assure clients that their adviser has a commitment to the highest professional standards.\"\u003cbr\u003e —\u003cb\u003eL. William Seidman\u003c\/b\u003e\u003cbr\u003e Chief commentator, CNBC\u003cbr\u003e Former Chairman, Federal Deposit Insurance Corporation (FDIC)\u003c\/p\u003e \u003cp\u003e\"At last! A book that actually helps fiduciaries apply prudent fiduciary investment standards in a practical way. I strongly recommend that all those who have an interest in modern prudent fiduciary investing—trustees of 401(k) plans, charitable nonprofits, private family trusts, and public employee retirement plans—pick up a copy of Tim Hatton's excellent book, \u003ci\u003eThe New Fiduciary Standard\u003c\/i\u003e, and employ its teachings.\"\u003cbr\u003e —\u003cb\u003eW. Scott Simon, J.D., CFP, AIFA\u003c\/b\u003e\u003cbr\u003e Author, \u003ci\u003eThe Prudent Investor Act: A Guide to Understanding\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"If you could recommend only one book to a financial adviser, it would be Tim Hatton's \u003ci\u003eThe New Fiduciary Standard\u003c\/i\u003e. It will change them forever. Pandora's box has been opened, never to be closed again.\"\u003cbr\u003e —\u003cb\u003eStephen C. Winks\u003cbr\u003e \u003c\/b\u003eFounder, The Society of Fiduciary Advisors\u003cbr\u003e Founder, \u003ci\u003eSenior Consultant\u003c\/i\u003e (www.SrConsultant.com)\u003c\/p\u003e \u003cp\u003e\"Tim Hatton has captured the essential essence of the fundamental requirements of fiduciary responsibility. His practical case-study approach to the application of the 27 Practices identified by the Foundation for Fiduciary Studies, in an easy-to-understand style, is a must-read for anyone having responsibility for 'other people's money.' His explanation of the history and evolution of the current body of knowledge applicable to what has become the ‘Fiduciary Standard’ is useful for both the novice and experienced professional at every level of advice giving.\"\u003cbr\u003e —\u003cb\u003eClark M. Blackman II, CPA\/PFS, CFA, CIMA, CFP\/AAMS\u003cbr\u003e \u003c\/b\u003ePartner and Chief Investment Officer, Investec Advisory Group, L.P. (Houston)\u003c\/p\u003e \u003cp\u003e\"For those of us who are beneficiaries or trustees, or who advise them, Tim Hatton's \u003ci\u003eThe New Fiduciary Standard\u003c\/i\u003e offers us a way to exercise our fiduciary investment responsibilities, or to advise on them, with excellence. We have long needed such a repository of investment practices to help us make the promises of the Prudent Investor Rule come true. Now we have it with Hatton as our guide!\"\u003cbr\u003e —\u003cb\u003eJames E. Hughes Jr., Esq.\u003cbr\u003e \u003c\/b\u003eAuthor, \u003ci\u003eFamily Wealth\u003c\/i\u003e—\u003ci\u003eKeeping It in the Family\u003c\/i\u003e\u003c\/p\u003e","brand":"Bloomberg Press","offers":[{"title":"Default Title","offer_id":47990296805605,"sku":"NP9781576601839","price":50.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781576601839.jpg?v=1761787246","url":"https:\/\/k12savings.com\/products\/the-new-fiduciary-standard-isbn-9781576601839","provider":"K12savings","version":"1.0","type":"link"}