The Fiduciary Standard
Following the 2008 financial crisis, multiple iterations of a Fiduciary Standard have been proposed by Congress, the SEC, The Department of Labor (DOL), and the CFP Board of Standards. Given BOULEVARD ("the firm") advises families directly, it has had a consistent voice in the discussion about the issues and implications of a fiduciary standard of care for investors. Specifically, BOULEVARD believes that acting as a fiduciary for its clients is critical, but not every investment or planning-related firm should engage in such relationships. For a complete review of BOULEVARD's position, please Click Here to see the open letter sent to the Financial Planning Coalition in 2016, and the office of incoming SEC Chairman, Jay Clayton, in 2017.
As of July 25, 2018, the only Fiduciary Standard available for individual advice with a financial professional, is found with the 1940 Investment Advisers Act ("The Act"). BOULEVARD delivers advisory services as a financial planning firm organized under The Act, as a Registered Investment Advisor (RIA) – independent of any broker-dealer, custodian or other financial institution. Additionally, BOULEVARD does not affiliate with, or receive revenue-sharing from, any third parties. The firm exclusively represent clients to the various intermediaries involved with developing, implementing and managing a financial planning process.
For more information about advisory firm and professional types, please read the above whitepaper "Finding Your Fiduciary." For more information about RIA’s as fiduciaries, visit: https://www.sec.gov/divisions/investment/advoverview.html.