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Governor Snyder Declares May 12-18 As "Putting Investors First Week"

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SOURCE CFA Society West Michigan; CFA Society Detroit

Michigan CFA Societies Release Statement of Investor Rights: 10 Rights Every Investor Deserves

GRAND RAPIDS, Mich., May 8, 2014 /PRNewswire/ -- At the request of Michigan's two Chartered Financial Analyst® (CFA) societies, Governor Rick Snyder has signed a proclamation, on behalf of the people of Michigan, declaring May 12-18, 2014 as "Putting Investors First Week." The week kicks off a public service campaign in which financial professionals across Michigan are uniting online in order to shape an investment industry that serves the common good. CFA Society West Michigan and CFA Society Detroit aim to remind investors of the conduct that they should expect from financial service providers and to encourage financial professionals to be proactive in discussing ethical issues with their clients.

"We are working to promote fairness, transparency and personal integrity by asking financial professionals of all kinds to endorse, with their online signature, the CFA Institute's Statement of Investor Rights," said Martin Axelrod, CFA, Past-President of CFA Society West Michigan.  "This commitment ensures that investors' rights to information, fair and honest advice, and accurate assessments of risk and reward are at the core of client service."

The parent organization of Michigan's local CFA societies, CFA Institute, is a global community of more than 111,000 investment professionals who believe that economies grow and financial markets function at their best, when investors' interests are put first. CFA charterholders endeavor to champion ethical behavior, to raise the standard of professional excellence in the industry, and to serve as respected sources of knowledge in the investment markets.

The Statement of Investor Rights was developed to advise buyers of financial service products of the conduct that they are entitled to expect from financial service providers. These rights apply to products and services such as investment management, research and advice, personal banking, insurance and real estate transactions.

At a basic level, the Statement of Investor Rights states that the client of a financial professional has the right to:

  1. Honest, competent, and ethical conduct that complies with applicable law;
  2. Independent and objective advice and assistance based on informed analysis, prudent judgment, and diligent effort;
  3. My financial interests taking precedence over those of the professional and the organization;
  4. Fair treatment with respect to other clients;
  5. Disclosure of any existing or potential conflicts of interest in providing products or services to me;
  6. An understanding of my circumstances, so that any advice provided is suitable and based on my financial objectives and constraints;
  7. Clear, accurate, complete, and timely communications that use plain language and are presented in a format that conveys the information effectively;
  8. An explanation of all fees and costs charged to me and information showing these expenses to be fair and reasonable;
  9. Confidentially of my information;
  10. Appropriate and complete records to support the work done on by behalf.

"Whether establishing an investment plan, working with a broker, opening a bank account, buying a home, or conducting other financial transactions, it is critical that investors have trust and confidence in their financial professionals," said Christopher Baccella, CFA, President of CFA Society Detroit. "It's our hope that these ten rights will educate and empower investors to demand that their interests be put first when engaging the services of financial professionals."

To join in support of Putting Investors First, financial professionals and investors can explore more detailed information about these rights and endorse the Statement of Investor Rights at www.investorsfirstmichigan.org.

About the CFA Charter and CFA Institute
The CFA charter has been recognized as the global benchmark for expertise and ethics in the investment profession and has been acclaimed as the "gold-standard" financial designation. The CFA Charter is a post-graduate designation requiring that CFA Charterholders pass a sequence of three annual exams and have at least four years of qualifying work experience in the investment industry.  CFA Institute has 143 member societies in approximately 70 countries worldwide, including CFA Society West Michigan and CFA Society Detroit. Putting Investors First is part of the CFA Institute's Future of Finance Project, a long-term global effort to shape a trustworthy, forward-thinking financial industry that better serves society. For more information, visit www.cfainstitute.org/FutureFinance 

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