Quarterly NEWSLETTER JULY 2017 IntegratedWealth Management Since 1987 C A R L S O N C A P I TA L M A N AG E M E N T ADAM HOFFMANN, CFP®, DIRECTOR OF INVESTMENTS & RESEARCH The adoption, delaying, and reconsidering of the Department of Labor’s Fiduciary Rule has been a recent hot topic in the financial services industry. Much discussion and controversy has been swirling about whether the Rule would be adopted in its original form, modified in some way, or completely scrapped. As most of you know, CCM is firmly grounded in the fiduciary standard of care. If you missed Greg Carlson’s recent article on this topic, I encourage you to visit our website and read,“What the Fiduciary Rule and Telling the Truth Have in Common – and Why Both are So Freeing.” carlsoncap.com/articles Because we’re never ones to shy away from an equation or two, I have begun to think about the fiduciary standard through the pillars of our long standing “CCM Experience”: Experience + Expertise + Care = Fiduciary Like a three-legged stool, if you take away one of the pieces from the left side of the equation you are left with something incomplete—and less than what should be considered a true fiduciary.There are many money managers and brokers who have strong experience and are experts at what they do. However, without the care component driving them to match the right solution with what’s best for each client—instead having only to provide a solution that is suitable—there is something fundamentally missing. When applying the fiduciary standard of care specifically to portfolio management, there are some fiduciary actions that are seen and experienced, while others are not. The portfolio that each CCM client is invested in has been tailored specifically for their risk tolerance, need for return, and many other specific factors that may only apply to them (such as unique investments only available through their employer’s retirement plans). Because much of what happens with regard to our due diligence processes happens behind the scenes, I wanted to take the opportunity this quarter to highlight one of our most recent endeavors—and the exciting outcome. One of the main fiduciary responsibilities that our investment team has is to find the best available funds to include in our client portfolios. Unfortunately, sometimes MINNESOTA TAX UPDATE page 3 FIVE KEY ESTATE PLANNING MATTERS TO CONSIDER ANNUALLY page 4 FINANCIAL TIMES 300 TOP RIA RANKING NEW CCM COLLEAGUE page 5 SECOND QUARTER RETURNS SAVE-THE-DATE CCM FALL CLIENT EVENT page 6 CCM NEWS BRIEFS page 7 CCM CELEBRATES 30YEARS! page 8 INVESTMENT INSIGHT Continued on page 2 ... sometimes following a true fiduciary standard requires more than just accepting what’s currently available.