As you likely know, we are members of NAPFA (National Association of Personal Financial Advisors) and are so because we feel strongly about providing Fee-Only services - we are solely compensated by our clients and do not receive any commissions or other income from the recommendations we provide. We also believe it is imperative to put clients' interests first and so have taken a Fiduciary Oath which promises that we will exercise our best efforts to act in good faith and in the best interests of our clients. (Please visit our website homepage for a link to this oath.) So, it is not with a little disappointment that we read some New York Times press coverage recently regarding charges filed by regulators against three former NAPFA members for alleged actions that have harmed their clients.

Diahann Lassus, chair of the NAPFA Board of Directors, responded to the editor of the Times and we quote some of her letter: "...(NAPFA) is pleased that Times ‘Your Money' columnist Ron Lieber stated in his June 5 article that ‘I still believe that a Napfa planner should be among the first people you see when shopping for financial assistance.' We are grateful for the conclusion of his article that NAPFA ‘still has the best collection of financial advisers anywhere'. . . Since our founding in 1983, NAPFA has insisted upon the highest standards of education, training, and ethical conduct by financial advisors who become members. We stand as one of the few indicators of high competency and trustworthiness in an industry in which anyone can call himself or herself a ‘financial advisor.'"

We at Cornerstone always believed the membership of NAPFA to be "squeaky clean" and so it is difficult for us to fathom that one could both be a NAPFA member and yet possess the propensity to act imprudently. Nonetheless we feel it is important to acknowledge this misconduct within the organization and to promise you that we are ever diligent in our effort to serve you best.