Charleston, South Carolina – Millions of Americans who seek the guidance of financial advisors believe the advice they are getting is in their best interests. Who wouldn’t want to believe that? But in reality, many of these same consumers are not receiving advice from “professionals”
That is why Scott Spann of LifeSpan Financial Planning, LLC in Mount Pleasant, South Carolina is working alongside some of the country’s most influential financial planning organizations to seek a strict fiduciary standard for anyone offering investment advice to the public.
“As a Fee-Only financial planner I am committed to always acting in the best interests of my clients. Financial planners must be held to the highest standards of trust and integrity. When people are seeking financial advice from a professional they need to understand whether or not their advisor is providing the most objective and unbiased advice possible,” said Mr. Spann, who is also a member of the National Association of Personal Financial Advisors (NAPFA), the country’s leading association of Fee-Only, fiduciary financial advisors.
To help consumers better understand what a fiduciary standard is for financial advisors, NAPFA offers the following definition as part of the organizations Focus on Fiduciary campaign – A Financial Advisor held to a Fiduciary Standard occupies a position of special trust and confidence when working with a client. As a fiduciary, the Financial Advisor is required to act with undivided loyalty to the client. This includes disclosure of how the Financial Advisor is to be compensated and any corresponding conflicts of interest.
Currently, NAPFA is collaborating with the Financial Planning Association (FPA) and the Certified Financial Planner Board of Standards to push Congress to enact a fiduciary standard for all financial advisors. If enacted, consumers throughout the Lowcountry of South Carolina will be able to finally have confidence that the advice they are receiving is in their best interests.
“In light of recent financial events and economic uncertainty in this country, an increasing number of individuals and families are recognizing the importance of a solid financial plan. Investment planning is a key part of the comprehensive financial planning process. A strict fiduciary standard is needed for financial planners and investment advisors. Financial advisors must be held to the highest possible ethical standards to protect consumers and advance the overall quality of this incredible profession that I am proud to be a part of,” concluded Scott Spann.
Members of the media who are interested in learning more about the push for a fiduciary standard and what is being done locally to protect consumers can contact Scott Spann at (843) 469-3505 or scott@lifespanplanning.com.
