March 22, 2022 – STONINGTON, Conn: The Center for Board Certified Fiduciaries™ (CBCF™) has, once again, taken the lead in publishing fiduciary best practices for a specific segment of the industry.

CBCF’s insurance standard (the term is intended to be inclusive of annuities) is based on established and proven best practices first applied to insurance products in 2013 at a conference held at West Point for leaders of nearly every profession who serve clients who own insurance products. While the insurance industry initially rejected attempts to define a fiduciary standard for insurance, recent legislation like the SECURE Act and regulation like SEC RegBI are bringing elements of the insurance industry around, and CBCF took up the mantle as one of its early objectives.

The CBCF framework for insurance was collaboratively developed by a committee of insurance specialists led by Barry Flagg and Larry Raymond.

‘Insurance products have been left out of the wealth management process‘ says Flagg. The CBCF framework provides advisors from all professions with a step-by-step process for addressing what has become the last, largest, most-neglected and worst-performing asset relative to consumer expectations.’

‘The first training associated with the new fiduciary insurance standard will be held June 13 – 16, 2022 at the Wake Forest University Charlotte Center, said Raymond. ‘We affiliated with Wake Forest so industry professionals could receive the Certificate in Applied Fiduciary Practices from a top-ranked university.’

Don Trone, CBCF’s CEO added, ‘The CBCF fiduciary framework is a series of integrated interventions linked to specific behaviors that help to illuminate the context of decision-making outcomes. We start with a universal framework and then identify specific practices for the different fiduciary silos. We’re taking the same approach for developing standards for employer-sponsored health plans, retirement plans, foundations and endowments, wealth management, Indigenous studies, and personal trusts.’

About the BCF™ Mark: The Board Certified Fiduciary™ (BCF™) is a professional mark awarded by the Center for Board Certified Fiduciaries™, (CBCF™), that recognizes the knowledge, skills, work experience and special expertise of an exemplary fiduciary leader.

About the Center: The Center for Board Certified Fiduciaries™ (CBCF™) is a Public Benefit Corporation (PBC) founded and funded by fiduciary advocates. The CBCF™ will be affiliating with a leading university to provide a graduate-level certificate in fiduciary leadership, stewardship, and governance. Over time, CBCF will develop the curricula for the first Master’s with a concentration in fiduciary responsibility. Learn more at www.c-bcf.com.

Contacts
Trevor Merrill, BCF™ trevor.merrill@fiduciarywise.com 480-202-9851
Don Trone, BCF™  don.trone@c-bcf.com 860-333-3401
Don Jones, BCF don.jones@c-bcf.com
Keith Gredys kgredys@askkidder.com
Kate McBride, AIFA®, kmcbride@fiduciarypath.com 732-241-4988