3ethos CEO Don Trone wrote for Financial Advisor magazine about issues in the fiduciary movement that cause the public to have less trust in financial advice.
"I was recently attending a meeting at the historic Thayer Hotel, which sits on the grounds of the U.S. Military Academy at West Point. In the hotel lobby is a framed poster of West Point’s Cadet Honor Code. It reads simply: “A cadet will not lie, cheat, steal, or tolerate those who do.”
At the U.S. Coast Guard Academy, where I graduated, we had a similar code, so I am very familiar and comfortable with the words. However, what caught my eye at West Point were three “rules of thumb” printed under the code to help cadets decide whether they are taking honorable actions. They must ask themselves:
1. Does this action attempt to deceive anyone or allow anyone to be deceived? 2. Does this action gain or allow the gain of a privilege or advantage to which I or someone else would not otherwise be entitled? 3. Would I be satisfied by the outcome if I were on the receiving end of this action?
Leave it to cadets to teach us what fiduciary responsibility is all about."