Don Trone is back on the Movers and Shakers list-and on the cover of this magazine-soon after his first appearance, in 2007. And why not: his signature issue, the fiduciary standard, is this year's hot topic. Yes, we all know that the harmonization of practice standards is coming; and yes, everyone agrees that the standard should include-or at least pay obeisance to-the idea that the client comes first. But it's also worth remembering that Trone was an advocate for fiduciary standards long before it was fashionable, and labored to create ways for advisors to systemetize the application of those standards to their practices.
Today, Trone has taken his ideas about practice standards to the next level. After founding and then leaving fi360, the Pennsylvania-based organization that offers training, web-based tools and other resources for investment fiduciaries, he became director the U.S. Coast Guard Academy Institute for Leadership in Mystic, Connecticut. Trone was tasked with analyzing why the Coast Guard had outperformed other uniformed services after Hurricane Katrina. He realized that the differentiating quality was that Coast Guard officers shared a well-defined ethos-they knew how to behave, what their goals were, and how to achieve them. That gave them freedom to respond to the urgent needs of the moment.
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