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Understanding the Importance of a Fiduciary Standard


The National Association of Personal Financial Advisors (NAPFA), of which Legend® is a member, released results of its 2007 Consumer Understanding of a Fiduciary Standard Survey.  NAPFA asked 900 consumers from 48 U.S. states and 6 foreign countries in a Web-based survey if they understood the term “fiduciary.”  When presented with NAPFA’s definition, 98% of those surveyed responded that they understood the term.  NAPFA defines a fiduciary standard as:  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.  After reading NAPFA’s definition, 97% indicated that they would seek the counsel of a financial advisor who adheres to a fiduciary standard.  NAPFA National Chair Dick Bellmer said, “People want to be treated fairly and honestly.  They do not want to worry about the motivations or loyalty of their financial advisor.”  To view how Legend® adheres to fiduciary standards, visit the Firm Overview section of our Web site at and read the “How we Differ From Our Competition” section. 

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