3ethos CEO Don Trone, L5, wrote on how financial advisors should protect themselves, practices and their clients by adapting higher standards than "fiduciary rules" and standards proposed by regulators and CFP Board.
"During this Covid-19 crisis, what skills did you draw upon so that you could properly serve your clients? Did you find a greater need to demonstrate your capacity for compassion and authenticity? Did you acquire a greater appreciation for the critical leadership role you play in the lives of your team, staff, and clients?
Consider the fiduciary standards being proposed by regulators: Is there anything in these proposed standards that could have helped you or your clients during the crisis? Given the level of anxiety and stress most of your clients are experiencing, do you think now is a good time to ask your clients to sign a complex disclosure document?"