April 7, 2016, Dallas, TX – Yesterday, the Department of Labor (DoL) announced the final version of its Conflict of Interest Rule on Retirement Investment Advice. As many of you may know, this rule was introduced last April, and has been under revision and review the last year.
The final rule is long and detailed, but from a high level, it states that financial advisors, including Registered Investment Advisors, insurance agents, and brokers, must hold the fiduciary standard when giving retirement investment advice. The fiduciary standard requires that an advisor must act in the client’s best interest. While there was much anticipation around the implications of the DoL ruling, especially for advisors who receive profits from recommending certain funds or annuities, we want you to know that all of us at True North are very pleased that the DoL is ruling in favor of the fiduciary standard for retirement investment advice. We believe all individuals, no matter where they turn for retirement investment advice, should be treated with care and concern that places their interests above the profits of an advisor.
True North Advisors was founded in 2000 on the fiduciary standard of acting in our client’s best interest. We have held to this standard for 16 years, and continue to hold to this standard in all areas of financial advice, not just retirement investment advice. You can trust that our philosophy, advice, and decisions are firmly rooted in putting our client’s interests above our own. We have never, nor will we ever, receive any outside revenue based on our investment recommendations to you (and thus, retain full independence and objectivity in the process on your behalf). We are glad to see the financial world changing and moving towards the principles we have protected and enforced since day one.
Thank you for allowing us to serve as your trusted advisors. It’s an honor to come along side you.