Thirty years ago, the fiduciary movement began to take root. No one held a press conference, it just happened. That’s the thing about movements: you really don’t have a sense that one has started until enough time has passed that you can look back and see what material changes have taken place. In hindsight, we can see that the pioneers of the fiduciary movement had two similar, overlapping objectives: (1) to define the details and best practices of a fiduciary’s prudent investment process; and (2) to define the details and best practices of a professional standard of care.
