San Francisco, California, April 20, 2017 (Newswire.com) - The formal delay of the Department of Labor (DOL) Fiduciary Rule indicates a strong likelihood that adoption of the rule will not occur in its proposed form. But RIA firm Mosaic Financial Partners strongly believes that the original point of the rule—to enhance transparency between financial advisor and client—is valuable and necessary.
“Mosaic has always operated as a fiduciary,” notes Norman M. Boone, founder and president of Mosaic Financial Partners, Inc. “To that end, we fully support the DOL fiduciary rule. It is our professional responsibility to put our clients’ interests first. Our firm interprets this to mean that clients should have a full understanding of their rights and our fees, including where our incentives exist and how we get compensated, and by whom.” The fiduciary rule has nudged Mosaic to formalize their process; the firm has incorporated disclosure language into applicable client contracts.
"If we want to help them succeed, it is our responsibility to keep clients as well informed as possible about our role in their choices."
Norm Boone, Founder and President, Mosaic Financial Partners
“When dealing with a financial advisor, one of the problems facing the consumer is the difficulty of knowing what compensation incentives may be driving the advisor,” says Boone. “The advisor should maintain true objectivity. If my advisor wants to take over the management of my 401(k) account, it might cost me more to have them do so. Without fully understanding my current and projected costs, I don’t have a reasonable way to compare data and make an informed decision.”
“Mosaic’s adoption of the proposed DOL Fiduciary Rule is intended to be an important signal to our current and future clients that we invite full transparency regarding both compensation and services, so our clients can make the best possible decisions for themselves,” says Boone. “If we want to help them succeed, it is our responsibility to keep clients as well informed as possible about our role in their choices.”
ABOUT THE FIRM
Mosaic Financial Partners is a Bay Area-based independent, fee-only wealth management boutique providing financial planning and investment management services to individuals and families since 1987. The foundation of our individualized financial planning process allows us to create an investment management strategy that integrates your finances with the rest of your life, creating a rich mosaic of what is truly meaningful for you.
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Source: Mosaic Financial Partners