3ethos CEO Don Trone, L5, wrote for 401(k) Specialist Magazine that while everyone will be considered a "fiduciary"under CFP Board's new standards, no one has been trained to be. He provides seven ways advisors can meet an actual fiduciary standard.
"New fiduciary standards are going to be based on a de-minimis standard. The bad news is that now everyone will be a fiduciary. The good news is that there are hacks for it.
There’s nothing that precludes you from defining a higher standard and creating your own fiduciary brand.
“Why yes, I’m a fiduciary and much more. Let me show you how.”