Foreward to:
Why We Loathe Fiduciary
By: Fred Barstein, Editor-in-Chief, 401kTV
401kTV Summary: Do you love being a fiduciary? Raise your hand if you’re that person and then look around the room. You’ll be the only one. Even professionals that get paid would rather not be a fiduciary. But it is surprising that the father of the fiduciary movement in DC plans, Don Trone late of fi360 and now 3Ethos, admits that not only do people not want to be a fiduciary but they actually loath it detailed in his latest article for 401kTV.
Why? When we engage the analytic part of our brain, especially when it comes with unknown risks, bad hormones like Cortisol are excreted associated with the “flight or fight” syndrome. But Don would not leave us without a solution which is why he is touting leadership companied with stewardship in his new company and training, 3Ethos. Those activities elicit happy hormones like Oxytocin.
Don challenges plan sponsors asking, “Is your 401k plan inspiring? How are you engaging your employees so that they become active participants in your 401k plan.” He goes on to say, “There’s a better way to managing your fiduciary responsibility ‐ by integrating concepts of leadership and stewardship with a universal decision‐making process. In so doing, we can learn to love a standard that we tend to Loathe.”
3Ethos tries to tie leadership with the decision making process combining the ability to inspire with the capacity to serve. Attributes of a steward/leader include: competence, character, purpose, process and passion. Not there’s a standard we can learn to love – or at least not loath.
Why We Loathe Fiduciary
by Don Trone
