Opinions by experts in the financial advising field varied widely as they participated in a recent Fiduciary News online forum regarding the possible establishment of a uniform fiduciary standard. Some indicated it would not be a top 2014 priority for the Securities and Exchange Commission (SEC). Others said that we can expect the SEC and the U.S. Department of Labor to hammer out any potential legal obstacles in order to begin hearings in the fall. Still others believe that it will fall victim to the usual political wrangling.

Away from the bureaucrats, Kenny Cutler, president of FOCUS Financial Group, Inc., based in Tyler, Texas, said that he welcomes a national uniform fiduciary standard governing all aspects of financial investments.

“I hope so,” Cutler said regarding such a standard’s potential establishment. “I think the public will be better served with a uniform standard.” Such a standard would ideally hold broker-dealers to a standard that is just as rigorous as the current standard for fee-based investment advisers, while preserving the unique services offered by each group. FOCUS Financial moved to a fee-based model that Cutler believes his clients value more than previous methods of transacting financial investments.

“The disclosure up front seems to help them better understand why the fee-based model is a more feasible and economic model for them,” Cutler explained.

Cutler got his start in the financial services industry through teaching. As a college professor, he was exploring retirement methodologies with his students when his own interest in finance was sparked, and in 1987 he became a CERTIFIED FINANCIAL PLANNING™ practitioner.

While he admits getting started was a bit difficult, Cutler's biggest challenge exists in keeping today’s clients and their financial goals on track. Longer life spans, sequential retirements and helping clients adjust their expectations to the market’s reality represent the most pressing tasks.

“It is the most challenging to implement,” Cutler said. “None of us know how long we are going to live and so that is the toughest challenge as a financial planner. I have to look at the client’s particular situation in terms of longevity and I really don’t know when it will end.”

One fact that doesn't change is his willingness to stick with a client. Several clients represent three generations of family members trusting their finances to Cutler. He not only considers that a great success but also cherishes the relationships he has built. For instance, one widowed client even felt comfortable enough to ask him to help her navigate the car-buying process.
“Doing those kinds of things are very rewarding for me,” Cutler said. “I want to be somebody that my clients feel they can call on and rely on when the subject of money comes up – even when it isn’t directly related to my services.”

Learn more about FOCUS Financial Group, Inc., online at www.focusfinancialgroup.net