Don Trone: Leadership, Stewardship, and Governance

Be More Than A Fiduciary

Don Trone is the CEO and one of the Co-founders of 3ethos.

Don was the founding CEO of fi360, and filled that role until 2007. He was the founder and President of the Foundation for Fiduciary Studies; and, the first person to direct the Institute for Leadership at the U.S. Coast Guard Academy. In 2015 he was named by Investment Advisor magazine as the “Father of Fiduciary” and one of the 35 most influential people in the financial services industry. In 2003, he was appointed by the U.S. Secretary of Labor to represent the investment counseling industry on the ERISA Advisory Council. And, in 2007 he testified before the U.S. Senate Finance Committee on the fiduciary issues associated with the management of retirement plans.

Don is a graduate of the U.S. Coast Guard Academy, and served for ten years on active duty, most notably as a search and rescue helicopter pilot. He has a Master’s from The American College and has completed post-graduate studies in theology from the Pittsburgh Theological Seminary and Trinity Episcopal Seminary.

In this episode, Eric and Don Trone discuss:

• Avoiding responsibility gaps
• Being more than a fiduciary
• Leadership, stewardship, and governance
• Teaching life-long skills during training

Key Takeaways:

• Committee members and ERISA advisors should prioritize training and education to avoid responsibility gaps in financial decision-making.
• Fiduciary standards are devolving, they no longer define a professional standard of care, they define minimum standards. Industry professionals must hold themselves to a higher standard.
• Leadership is your capacity to inspire and engage. Stewardship is the passion and discipline to protect the long-term interests of others. Governance is your ability to manage the details of a prudent decision-making process.
• When training, focus on teaching people lifelong skills that will impact their decision-making every single day so that when they get into the Investment Committee, they’re ready to go.

“You want to be more than a fiduciary? Now you're talking behavioral governance. You're talking about being a leader and steward In the lives of your clients or in the lives of your employees.” - Don Trone

Connect with Don Trone:

Website: https://www.3ethos.com/

LinkedIn: https://www.linkedin.com/in/donald-trone-89873013/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.