At Kendall Capital, you have the opportunity of working with two Certified Financial Planners™ (CFPs®), Clark Kendall and Carol Petrov. But what exactly makes the CFP® designation so important to your wealth management and investment goals? When you work with a CFP®, you’re working with someone with extensive training that is not only knowledgeable but also adheres to rigorous ethical standards set by the Certified Financial Board of Standards and can lose this honored designation if they violate these standards.
The CFP® Board is a national organization which acts in the public interest by fostering professional standards in personal financial planning. Although many professionals may call themselves “financial planners,” CFPs® have met many rigorous professional standards set by the CFP® board and have agreed to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients.
Now let’s take it a step further! We believe your advisor should also be a member of NAPFA – The National Association of Personal Financial Advisors – the leading professional association which requires its members to take a “Fiduciary Oath.” What does this mean? The Fiduciary Oath requires an advisor to act in the best interest of their client free from outside influences like commissions and gifts. Both of which you cannot accept as a fiduciary.
Does the Fiduciary Oath make a difference? The seriousness of a situation, the passion of a belief, or the accomplishment of concerted effort – these are often accompanied by the oath. Taking the oath emphasizes the seriousness of your work and the responsibilities you have. It’s almost sacred. Members of NAPFA take their jobs, and their service to their clients, very seriously.
Fiduciary rule changes. Recently, the U.S. Secretary of Labor, Thomas Perez, spoke about the agency’s regulation to raise investment advice standards for retirement accounts. Specifically, he said, “(Regulation) requires financial advisors to act in the best interests of clients in 401(k)s, individual retirement accounts and other qualified accounts — a standard that reflects a fundamental principle of consumer protection.” (InvestmentNews.com, 6/22/2016.) In other words, when you are working with a fiduciary, that individual is obligated to work in your best interests and NOT steer you into investments that are more profitable to him or her.
At Kendall Capital, our goal is to treat the individual financial interests of our clients much like a specialist physician – with precision, focus and diligence. As certified experts in our field, our fundamental belief is to protect and grow your assets to ensure your financial future with your best interest in mind.