Well in advance of the possible adoption of a fiduciary standard for the financial services industry, some companies are taking steps to prepare their advisors to comply with one. Third party asset management firm Genworth Wealth Management is among them, with a proprietary six-step process it’s introduced to help its advisors meet the challenges of a higher level of client service.
“On one level, the concept of putting the client’s interest first is very simple and important,” says Michael Kim, Genworth’s senior vice president of business development. “But at another level, what we are seeing is that advisors are not prepared to handle this set of responsibilities.”
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