CFA Institute Wraps Up Third Annual Putting Investors First Month

CFA Institute, the global association of investment management professionals, has concluded its third annual Putting Investors First Month, an annual month-long, global initiative which focuses on promoting the needs and rights of investors with the end goal of uniting investment professionals in a commitment to place investor interests above all others. Putting Investors First Month activities took place in 36 countries throughout the world, by 79 member societies representing more than 74,000 investment professionals. 

“For yet another year, CFA societies and members around the world have joined together to build awareness around the importance of putting clients first,” said Paul Smith, CFA, president and CEO.

“Through this encouraging effort, we want to inspire our community to make a real impact and foster a market environment where both investment professionals and investors can thrive. Putting Investors First Month is just the beginning of what should be a continuous focus on the rights of the investor in order to raise awareness amongst investors of what it truly means to be a professional.”

A central focus of Putting Investors First Month was the Statement of Investor Rights, which investment management professionals are encouraged to share with their clients and communities. The list applies to financial products and services such as investment management, research and advice, personal banking, even insurance and real estate, and is intended to help investors demand that financial professionals abide by these rights. The document includes rights that investors are entitled to expect such as objective advice, disclosure of conflicts of interest, and fair and reasonable fees.

To complement the Statement, CFA Institute also produced Realize your Rights: Using the Statement of Investor Rights (PDF), which provides the questions and considerations that will allow investors to evaluate the ethical commitment of their financial service providers and to ensure that their interests come first.

Follow related activities and events here or on Twitter using #CFAdifference. A sampling of major Putting Investors First Month activities throughout the world include: 

• CFA Society Arkansas held a presentation looking at cases in ethical decision making, demonstrating to an audience of local investment management professionals and students why ethics matter. -Australian societies in Sydney and Melbourne hosted events based on From Trust to Loyalty: What Investors Want.
• CFA Society Baltimore, with the SEC, co-hosted the Second Annual Conference on Financial Market Regulation
• CFA Society Cayman Islands developed a local documentary about the investment industry that they debuted at a local cinema and hosted an event at which Barry Ritholtz, author, newspaper columnist, blogger, equities analyst, and CIO of Ritholtz Wealth Management, spoke. 
• CFA Society Chicago hosted ‘A Discussion on the Current Investment Regulatory and Ethical Environment’, a panel discussion focusing on regulatory issues and ethical mandates.
• CFA Society Czech Republic hosted Alice Rezkova, Senior Research Fellow for the Association of International Affairs, who presented on the topic of Chinese Investments in the Czech Republic and CEE.
• CFA Society Denmark, CFA Society Finland, CFA Society Sweden and CFA Society Norway hosted Eddy Travia, CEO and Co-Founder of Coinsilium, who spoke on the topic of Financial Technology.
• CFA Society Denmark rang the bell at the Nasdaq Copenhagen.
• CFA Society East Africa hosted an event on the theme of Investing in Investing in Uncertain Times - Divergence in Investor Behavior.   
• CFA Society France hosted Where Are We After 2008? An Update on Reforms, Changes and Regulations which focused on the past eight years of markets and whether reforms are sufficient to protect us from a new crisis.
• CFA Society Hawaii arranged a series of radio adverts to raise awareness of Putting Investors First Month; in addition, Governor David Ige proclaimed May 'Putting Investors First Month'. 
• Governor Rick Scott proclaimed May 'Putting Investors First Month' in Florida on behalf of CFA Society Jacksonville, CFA Society Miami, CFA Society Naples, -CFA Society Orlando and CFA Society South Florida, and CFA Society Tampa Bay.
• CFA Society Luxembourg hosted a Putting Investors First event with Rhodri Preece, CFA, head of Capital Markets (EMEA) at CFA Institute, during which he shared insights from his research on the new regulatory environment impacting cross-border funds distribution and retail financial services.
• CFA Society Netherlands hosted an ethics training event, Can Being Ethical be Dangerous to your Career? which analyzed several real life ethical dilemmas that professionals working in the financial services industry may face in the course of their careers. 
• CFA Society Pakistan signed a memorandum of understanding with the Securities & Exchange Commission of Pakistan to jointly raise awareness of investor rights and establish the standards of professional excellence in investment management in Pakistan.
• CFA Society Philippines hosted its annual Financial Fitness Run around Manila during which participants can see extracts from Realize your Rights: Using the Statement of Investor Rights. 
• CFA Society Poland hosted Liam Halligan, Editor-at-Large, Business New Europe, who discussed key factors in the international community’s continued interest in the CEE Region.
• CFA Societies across Texas, namely Austin, Dallas/Fort Worth, Houston and San Antonio, all hosted presentations on the Future of Finance, led by Ashvin Chhabra, president, Euclidean Capital and author of The Aspirational Investor. In addition Governor Greg Abbott proclaimed May 'Putting Investors First Month' in Texas on behalf of these societies. 
• CFA Society Saudi Arabia and CFA Society Jordan hosted Dr. Florence Eid-Oakden, CEO and Chief Economist of Arabia Monitor, who discussed the region’s economic outlook, energy and geopolitics.
• Washington state Governor Jay Inslee proclaimed May 'Putting Investors First Month' on behalf of CFA Society Seattle and CFA Society Spokane. 
• CFA Society Sri Lanka and the Colombo Stock Exchange (CSE) jointly held a special market opening ceremony in support of Putting Investors First Month.
• CFA Society Switzerland, CFA Society Liechtenstein and CFA Society Austria hosted Russell Napier during his speaker tour Built to Fail - How Flaws in the Global Monetary System Produce Deflation.  
• CFA Society Toronto promoted an ad campaign in observance of Putting Investors First Month. 
• CFA Society Victoria hosted an event focusing on the Statement of Investor Rights. The society also obtained a city wide proclamation for 'Putting Investors First Month'. 
• CFA Society Washington, DC ran a campaign for Putting Investors First Month during which it placed adverts and articles written by members.
• CFA Society Winnipeg hosted a half day Women in Investment Management conference.
• Governor Scott Walker proclaimed May 'Putting Investors First Mont'h in Wisconsin on behalf of CFA Society Madison and CFA Society Milwaukee.
• Atlanta Society of Finance and Investment Professionals hosted an event looking at the Future of Finance in Atlanta. In addition, the Governor of the state of Georgia proclaimed May as 'Putting Investors First Month'.  
• The Hong Kong Society of Financial Analysts hosted a series of TV and radio programs, as well as print media opportunities on investor education topics. 
Governor Charles T. Baker proclaimed May Putting Investors First Month in Massachusetts on behalf of The Boston Security Analysts Society, Inc.
• Indian Association of Investment Professionals hosted an event in collaboration with the National Securities Depository Limited in Delhi on the theme of The Future of Investment Advice.

The Conflict of Interest Rule (known also as the “Fiduciary Rule”) is one of the most impactful pieces of regulation passed in decades and it will change the financial sector for years to come. Designed to protect retail investors saving for their retirement, this rule will have wide repercussions on almost every player in the industry, including broker dealers, registered investment advisers, and insurance companies. A panel of experts including Bob Dannhauser, CFA (CFA Institute), Thomas Marsh (Deloitte Consulting LLC), Gregory J. Nowak (Pepper Hamilton LLC), Robert Sichel (K&L Partners), and Kevin Walsh (Fidelity Investments), unwrapped the rule and explained the ramifications for investors as well as their service providers, touching on the implications for those with commission-based business models, what constitutes “advice” so as to trigger the rule, and how to get ready for the rule’s implementation.