fi360 Issues Timely Updates to the Prudent Practices Investment Handbooks

PITTSBURGH, May 30, 2013 /PRNewswire/ -- fi360, the premier organization for fiduciary education, investment analytics, support services and industry insights for financial professionals, today announced a major update to its Prudent Practices handbooks, which serve as guides for investment fiduciaries and service providers to meet their legal and ethical obligations to investors. The release is the culmination of an extensive review process involving dozens of legal and subject matter experts.

The handbooks are well regarded within the industry and were even introduced in testimony in the influential Tussey v. ABB, Inc. court case, in which the handbooks were referred to as "the great book" for investment fiduciaries.

"The Prudent Practices represent a standard that demonstrates investment decisions are being made as the result of a deliberate process that meets the core fiduciary duties of loyalty and care," said fi360 CEO Blaine Aikin. "Investors and those entrusted to help manage their assets each benefit from higher standards of conduct."

Since their original publishing in 2003, the handbooks are periodically reviewed and updated to reflect any developments in law and regulation, as well as the input of practitioners and subject matter experts. This update is the second major update, the other occurring in 2006. The most recent updates include new and expansive discussions of:

• Investment Advisers Act of 1940
• ERISA rules and guidance to reflect recent DOL activities
• Dodd-Frank Act provisions addressing fiduciary duties
• Increased due diligence and review of custodial arrangements in light of Madoff and other Ponzi schemes
• Managing conflicts when "switching hats" to non-fiduciary services

"Our firm has relied on the framework and structure of the Prudent Practices to guide our investment process for nearly ten years," said Scott Reed, principal and CEO of Hardy Reed, LLC. "They have been instrumental in our development of a definable, defendable, and repeatable investment process that has resonated well with our clients.  There is no doubt in my mind that our adherence to these standards has been key to helping us become one of the fastest growing RIA firms in the United States."

Samples of the handbooks are available for media upon request. More details about the updates can be found on fi360's website: http://www.fi360.com/news/detail/prudent-practices-update.

fi360, whose mission is to promote a culture of fiduciary responsibility and improve the decision-making processes of investment fiduciaries, offers a full circle approach to investment fiduciary education, practice management and support that has established the company as the go-to source of investment fiduciary insights. 

About fi360
fi360 offers a comprehensive approach to investment fiduciary education, practice management and support that has established them as the go-to source for investment fiduciary insights. With substantiated Practices as the foundation, fi360 offers world-class fiduciary Training/Education, Tools and Resources that are essential for fiduciaries and those who provide services to fiduciaries to effectively and successfully manage their roles and responsibilities. fi360 assists those who rely on their fiduciary education programs, professional AIF® and AIFA® designations, Web-based analytical and reporting software and resources to achieve success. For more information about fi360, please visit www.fi360.com or Twitter: @fi360.

SOURCE fi360

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