A fiduciary assumes a role of utmost confidence and obligation to act in the best interests of those they serve. Though rooted in ancient ideals of trustworthiness, this principle has found renewed significance in investment advisory practice. At its core, the fiduciary duty encapsulates a profound commitment to act in the best interests of those who entrust their financial well-being to expert guidance.

In this episode, Brett talks with Don Trone, CEO and Co-founders of 3ethos. Also known as the Father of Fiduciary, Don talks about what fiduciary is and why it matters. He also speaks about how he integrated a fiduciary standard into an investment advisory practice. Don shares his insights on the difference between leadership, stewardship, and governance.

Don was the founding CEO of fi360, which he left in 2007. He was also the Founder and President of the Foundation for Fiduciary Studies and the first person to direct the Institute for Leadership at the U.S. Coast Guard Academy. In 2015, Don was named by Investment Advisor magazine as the "Father of Fiduciary" and one of the 35 most influential people in the financial services industry. In 2003, he was appointed by the U.S. Secretary of Labor to represent the investment counseling industry on the ERISA Advisory Council. Don is the author or co-author of ten books on the subject of fiduciary responsibility, portfolio management, and leadership.

Enjoy!

In This Episode

03:35 - Backstory of Don Trone

13:01 - How the military attracts people to stay in their careers

14:21 - How Don started his civilian career

16:37 - What fiduciary means and why it matters

23:16 - How Don integrated a fiduciary standard into an investment advisory practice

28:46 - The challenges Don faced when establishing fi360

38:04 - The best place to study leadership and effective decision-making

43:58 - The difference between leadership, stewardship, and governance

Favorite Quotes

17:52 - "The conduct of fiduciaries has a direct impact on the fiscal health of our nation. If they don't know what they're doing and screw up their investment decisions, they can cause a lot of harm to society." - Don Trone

19:21 - "When you think about the importance of managing retirement assets and money in general, it is almost as important as saving a person's actual life." - Don Trone

34:13 - "The fiduciary was deteriorating. It was being overcome by politics, power, ego, and greed. Any worthwhile endeavor in society eventually will decay from politics, power, ego, and greed." - Don Trone

38:13 - "If you ever get a chance to go through a training program through Thayer Leadership, do so. It's an incredible experience. And if you're going to study leadership and effective decision-making, there is no better place on the planet than to do so at West Point." - Don Trone

41:03 - "The quality of your leadership and stewardship is going to have a direct impact on the quality of your decision-making outcomes." - Don Trone

41:32 - "The real key that will determine the quality of the investment advice is the leadership and stewardship behaviors of the advisor." - Don Trone

44:00 - "Leadership is your capacity to inspire and engage others. Stewardship is your passion and discipline to protect the long-term interests of others." - Don Trone

Engage with Don Trone

• LinkedIn
• 3ethos

Connect with Brett Henderson:

• 310-491-7975
• Swe90.com
• LinkedIn: Brett Henderson
• Strategic Wealth Endeavor

Listen to The Veteran Entrepreneur Masterclass Podcast

• Apple Podcast
• Spotify
• Google Podcast