Don Trone - Leadership in a Fiduciary Framework

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:

• The role of leadership skills in being a fiduciary
• How fiduciaries can utilize AI technology
• Key leadership traits and behaviors
• Serving the best interest of plan participants

Key Takeaways:

• Leadership is a critical component of being an effective fiduciary. There is a direct link between leadership behaviors and decision-making, and this too applies for retirement plan committees and advisors.
• The use of the right AI chatbots and heuristics can be a valuable tool for ongoing professional development and training. This allows fiduciaries to quickly access information and refresh their knowledge when needed.
• Collaboration and attentiveness are two key leadership behaviors that are often lacking, according to research. Fiduciaries need to focus on truly listening to and working with their clients. Courage is another important leadership trait that may not be explicitly recognized, but is critical for fiduciaries to be willing to speak up and challenge decisions when necessary.
• Fiduciaries, whether committee members or advisors, need to embrace a leadership mindset and skill set to be truly effective in their roles and serve the best interests of plan participants.

“When you start to think about the great and successful people we have in our industry today, what you begin to understand is what made their careers so successful was their leadership behaviors.” - 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: [email protected]

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 for any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.

The specific facts and circumstances 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.