What does it mean to be a Fiduciary
financial advisor?
Behavioral Governance is the study of the interrelationships between leadership, stewardship and governance.
The Behavioral Governance Society (BGS) is a multidisciplinary association of professionals who practice with a commitment to BGS principles, continuing education requirements and the use and collection of behavioral data from the BGS Instrument. L5 is the mark of practicing BGS professionals.
This focus of this site are BGS L5 members in the investment advisor community.
Advisor Fiduciary Levels
Are Causing Investor Confusion
Click on the links on the right for more information.

Investors don't want business as usual from Wall Street or Main Street and they're looking to our industry to respond with a higher standard of care.
Donald Trone
CEO - 3ethos

Member Map
Behavioral Governance Society
Why Work With a L5 Financial Advisor?
- A higher professional standard
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BGS Instrument provides researched feedback on governance behaviors
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Commitment to the advancement of the study of leadership, stewardship, and governance
Research suggests that Behavioral Governance will have more impact on the quality of decision-making outcomes - including long-term investment performance - than any other factor.