The move underscores how much of a priority it is now for all financial advisers to adopt the fiduciary standard of care, say industry sources. "We anticipate that the advisers who were using our platform prior to the new Retirement Plan Consulting Program will stay onboard," says company spokesperson Emily Guadagnoli.
To participate in the program, advisers need one of two designations: the Accredited Investment Fiduciary (AIF) offered through education service
Many advisory firms and support service providers, such as custodians, are stressing fiduciary training in anticipation of financial regulatory reform, said Blaine Aikin, president and chief executive officer of fi360, which provides fiduciary education and practice management for advisers. “We are definitely seeing more companies and more advisers, individually, taking it upon themselves to get training,” he said.
To earn the AIF designation, advisers need to complete a total of 20 hours of training through a combination of fi360’s web-based and classroom courses. To earn the CRPS designation, the College of Financial Planning requires advisers to complete 20 hours of classroom and web-based instruction, Glynn said. Costs for either designation range from $800 to $1,200.
“This [training] requirement creates all the right behaviors,” she said. “It protects us as a firm, and it ensures that advisors have the highest level of competency, particularly in this heavily regulated arena.”
