WHAT IS A FIDUCIARY AND OTHER FAQs
What is a fiduciary and are you a fiduciary?
Yes, we are a fiduciary. A fiduciary’s responsibilities are legal as well as ethical. Consequently, a fiduciary is required to act in the best interest of the party whose assets they are managing. In addition, a fiduciary is expected to manage the assets for the benefit of the other person rather than for his or her own profit.
What does a CFA® designation mean?
The Chartered Financial Analyst® (CFA®) designation is globally accredited in the financial industry for its intense focus on investment knowledge, analytical skill, as well as ethical standards.
Earning the CFA® charter is a highly selective process. In fact, fewer than one in five candidates become a CFA® charterholder. To achieve the distinction of being called a CFA® charterholder, one is required to:
– demonstrate a minimum of four years of professional investment experience,
– commit to uphold a comprehensive code of ethics,
– pass three levels of rigorous exams that take an average of over 1,000 hours of study,
– as well as test an advanced curriculum of investment management and analysis skills.
Furthermore, all CFA® charterholders are required to annually attest to their compliance with the CFA® Institute Code of Ethics and Standards of Professional Conduct.
James B. Runey, III has this designation.
Who has my money?
Runey & Associates Wealth Management does not hold your money. Instead, a financial institution called a custodian will hold your securities for safekeeping in order to minimize the risk of their theft or loss. Our clients have access to several of the industry’s top custodians, including Charles Schwab.
What is a custodian?
A custodian is a financial institution that holds clients’ securities for safekeeping in order to minimize the risk of theft or loss. Like a bank, a custodian provides an investor a place to store assets with little risk. We primarily use one custodians to hold our clients’ assets: Charles Schwab.
How do I get information about my accounts?
Once your investments are under the management of Runey & Associates Wealth Management, and located with one of our custodians, you will be able to go online at any time, with appropriate levels of security, to look at your investments. Similarly, you will be able to obtain past statements, as well as look up certain tax and other documents.