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From the August 2006 issue of Investment Advisor • Subscribe!
At the time of our interview in early July, NAPFA, the fee-only group of planners of which Peggy Cabaniss has served for the past year as chairman, launched a program called Focus on Fiduciary designed to educate consumers about the meaning of a fiduciary relationship. Many consumers' eyes glaze over when someone tries to explain the meaning of the term fiduciary, so Cabaniss says NAPFA's intention with the campaign is to "focus on fiduciary as an adjective, not as a noun." The campaign is being shepherded by NAPFA's public relations firm, Ben Lewis's Perception Inc., and is supported by the NAPFA Consumer Education Foundation. Its intention is, in NAPFA's own words, "to get the word out that only certain financial professionals are subject to a "Fiduciary Standard." A Fiduciary Standard means an advisor is putting their client's interests first." The campaign is using radio public service announcements and a Web site (www.focusonfiduciary.com
) to inform consumers on what they should look for in a financial planner.