COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.

Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.


What the New Fiduciary Standard Means for You

Steven Lugar

The final ruling from the Department of Labor (DOL) on the long awaited regulations requiring advisors to act as “fiduciaries” was announced last week. The ruling basically elevates the responsibilities of financial professionals to put clients’ interests first and to increase disclosures to better ensure investors are getting appropriate, unbiased, and trusted advice.

The document itself is quite long and complex – 1,200 pages as a matter of fact! While it will take time to fully digest, we do already know that it has little to no impact on Beaird Harris. We willing chose to operate our business under the model of a Registered Investment Advisor and a fiduciary.  As one of the first firms in Texas to earn its certification by the Centre for Fiduciary Excellence (CEFEX) we actively undergo annual reviews in an effort to keep us accountable to our clients. Our goal as a Registered Investment Adviser is to ensure we comply with a fiduciary standard of care toward our clients at all times; our role as a fiduciary is mandated by the Investment Adviser’s Act of 1940. 

We view the recent Fiduciary ruling as a step in the right direction for investors and we fully expect the debate on this topic to continue. At Beaird Harris, we will continue to sort through the DOL ruling to better understand its impact on both investors and the financial industry as a whole moving forward. Rest assured, we do not take our calling as a trusted advisor to our clients lightly. We will move forward, as we have over the past 20 years, earning the trust and confidence of our clients and acting in their best interests.

For more information on the Centre for Fiduciary Excellence and the CEFEX certification requirements, visit the CEFEX website.

BLOG DISCLOSURE:  Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Beaird Harris Wealth Management, Inc.), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Beaird Harris Wealth Management, Inc..  To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Beaird Harris Wealth Management, Inc. is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Beaird Harris Wealth Management, Inc.’s current written disclosure statement discussing our advisory services and fees is available for review upon request.

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