Late last night, I returned from board meetings in Chicago of the National Association of Personal Financial Advisors (NAPFA). Like any board of any national organization, they were grappling with all the normal issues, such as budgets during the tough times. But, no matter the issue, the focus always remained on what was both fair and best for "people". Occasionally, someone would use the word "client" or "customer" or even "investing public" but rarely. It was reassuring, comforting, and a little surprising to see such a collective sense of duty to "people"!
Unlike the Financial Planning Association (FPA), which is dominated by salesmen for insurance companies, and unlike the Investment Management Consultants Association (IMCA), which is dominated by salesmen for brokerage firms, NAPFA is dominated by servants of the fiduciary standard, that we must always act in the best interests of "people"! Our mission is not to sell products to customers but to actually serve their best interests.
I am proud to also serve NAPFA . . .
