n these uncertain economic times, it’s natural to have doubts about your financial future. But the one thing you should never have to doubt is the ethical commitment of your financial advisor.
A growing chorus of government and industry leaders is calling for sweeping regulatory changes that would compel those who provide financial advice to always put the client’s best interests ahead of their own. One proposal calls for the creation of a new oversight body that would set professional standards of ethics and competency for financial planners and establish rules to promote a professional standard of care.
At First Command we’re not waiting for new laws or regulations. Several years ago First Command made a public commitment to serve the best interests of our clients, and we urge all consumers to insist that their financial advisors publicly commit to do the same.
We began this commitment in earnest in 2005, when we registered with the U.S. Securities and Exchange Commission as a Registered Investment Adviser (RIA) and required all of our Financial Advisors to become Investment Adviser Representatives. The RIA designation is vitally important because it requires the Advisor to meet the highest standard of care imposed by law when serving a client’s needs.
We’ve continued this effort through our relationship with the Financial Planning Association, a national organization committed to promoting the highest professional standards for the industry. More than 90 percent of our Financial Advisors are members of the FPA. We are especially proud to be an FPA Alliance firm, one of only two companies to receive this honor. FPA Alliance firms deliver all financial planning services in accordance with the FPA Standard of Care, which calls for putting clients’ best interests first at all times.
We believe all financial advisors should publicly state their commitment to the highest levels of professionalism. To that end First Command has created The Financial Planner Oath.
Inspired in part by the Hippocratic Oath, we created this document as a simple, straightforward way for members of the financial planning industry to clearly and unequivocally state their promise to act in the client’s best interests at all times. First Command Advisors are invited to sign this document, and it is the capstone of the training process for new Advisors. We are making a special version of The Financial Planner Oath available to all financial planners free of charge as a public service and part of our vision to become the most respected financial planning and services provider in the industry, and the standard by which all others are measured.
Don’t let doubts about the ethics of the financial planning industry keep you from seeking sound financial advice. First Command is committed to earning your trust by putting your personal goals first. Give us a call or visit us on the web. We’re ready to help.
First Command Financial Services, Inc. parent of First Command Financial Planning, Inc. Financial planning services provided by First Command Financial Planning, Inc. (Member SIPC, FINRA)