Foundation Releases Details of New Fiduciary Standard of Care

BOSTON, MA, June 28, 2010 -- The Foundation for Fiduciary Studies (FFS) released today a new fiduciary standard of care designed to "harmonize" across financial services in accordance with the terms of Congress' proposed Financial Reform Bill. The new standard, registered by FFS as the 2010 Fiduciary Standard, also is designed to comply with the proposed language of the amended 2006 Pension Protection Act (2006 PPA).

"The inclusion of the fiduciary requirements in the Financial Reform Act has raised the urgency for an up-to-date standard," reported Louis Harvey, president of FFS. "Fortunately, we have been working on the new 2010 Fiduciary Standard for the last two years and can respond immediately to the new legislation."

"The new 2010 Fiduciary Standard defines the details of a procedurally prudent fiduciary process," reported Don Trone, the founder of FFS and the lead developer of the 2010 Fiduciary Standard. "The 2010 Fiduciary Standard may be used in a number of different applications:

• Financial planning;
• Fiduciary Advisers subject to the 2006 PPA;
• Wealth advisors, within and outside of the US;
• Governance for boards of directors;
• Project management for staff.

The framework for the newly registered 2010 Fiduciary Standard consists of five steps and seventeen dimensions. The 2010 Fiduciary Standard is now available for licensing to training, designation, technology, and certification organizations.

About the Foundation for Fiduciary Studies

The Foundation for Fiduciary Studies ("FFS") is a not-for-profit (501(c)(3)) organization established in September of 2000 to develop and advance registered standards for investment fiduciaries, which includes trustees, investment committee members, brokers, bankers, investment advisers, and money managers. The registered standards are designed to provide the details of a procedurally prudent process based on existing fiduciary legislation, regulations, regulatory opinion letters and bulletins, and case law. FFS is independent of any ties to the investment community and therefore positioned to be a crucible for advancing registered fiduciary standards throughout the industry and to the public. FFS maintains and updates the standards and practices as changes occur in legislation, regulation and industry practices.

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