Press Releases

D. L. Blain & Co. to Help Fight Financial Abuse

Millions of Americans who seek the guidance of financial advisors believe the advice they are getting is in their best interests.  Who wouldn’t want to believe that? But in reality, many of these same consumers are not receiving advice from “professionals” who are held to the highest of ethical standards.

That is why David L. Blain, CFA, of D. L. Blain & Co., LLC  in New Bern is working alongside some of the country’s most influential financial planning organizations to seek a strict fiduciary standard  for anyone offering investment advice to the public. “We owe a fiduciary obligation to our clients that is affirmed by a special trust, confidence, and reliance they have in us to exercise our discretion and expertise in acting in their best interest,” said Blain, who is also a member of the National Association of Personal Financial Advisors (NAPFA), the country’s leading association of Fee-Only, fiduciary financial advisors.

To help consumers better understand what a fiduciary standard is for financial advisors, NAPFA offers the following definition as part of the organizations Focus on Fiduciary campaign:  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. This includes disclosure of how the Financial Advisor is to be compensated and any corresponding conflicts of interest.

Currently, NAPFA is collaborating with the Financial Planning Association (FPA) and the Certified Financial Planner Board of Standards to push Congress to enact a fiduciary standard for all financial advisors. If enacted, consumers throughout the New Bern-area will be able to finally have confidence that the advice they are receiving is in their best interests.

Since 1983, The National Association of Personal Financial Advisors (NAPFA) has provided Fee-Only financial planners across the country with some of the strictest guidelines possible for professional competency, comprehensive financial planning and Fee-Only compensation. With more than 2,100 members, NAPFA has become the leading professional association in theUnited States dedicated to the advancement of Fee-Only financial planning.