John Taft, CEO of RBC Wealth Management and 2011 Chairman of the Securities Industry and Financial Markets Association (SIFMA) has written a new book, “Stewardship: Lessons Learned from the Lost Culture of Wall Street.”
Taft, who had a direct role in the financial reform debate, discusses his book with Lori Konish reporting for OnWallStreet in the online magazine’s July issue. The focus of the book is around stewardship and how financial advisors can help guide the industry toward rebuilding trust.
Taft tells Konish that stewardship is defined as “responsibly managing what others have entrusted to our care.” Without it, confidence will not be restored.
He strongly believes that financial advisors in the private client and wealth management business are committed to servicing their clients and advocates for them. The care they have for their clients should serve as a lesson to the broader industry.
Taft is a strong advocate for a standard of fiduciary care and feels as long as client benefits are preserved it will be a good rule.