May 7, 2013. Mystic, CT: Industry leaders met at West Point April 24 – 25, 2013 to discuss and review the proposed Best Practices Standard for Life Insurance Stewards. In attendance were representatives of nearly every facet of the life insurance industry, including: the largest trust and estates law firm; largest third-party administrator of trust-owned life insurance for institutional fiduciaries; the largest association of financial planners; one of the leading financial planning universities; and, most of the largest independent distributors of life insurance.   

The edited standard, which will now be referred to as the “West Point Draft”, will be administered by an Advisory Board overseen by the Leadership Center for Investment Stewards, a Swiss-based, not-for-profit professional society. As soon as practical, the Leadership Center will publish the West Point Draft and provide the public web-based access to the Standard and the ability to comment on the proposed language.

Click Here to view the West Point Draft

The catalyst for the Standard was the FPA, which recognized in 2010 the need to develop a standard associated with the delivery of a life insurance proposal to a financial planning or wealth management client. Most of the attention which had been given to standard setting was focused on investment management; there was need for similar rigor for insurance planning.

The first step in the development of the proposed standard was the creation of a task force consisting of Barry Flagg, Joe Maczuga and Don Trone. Vince Micciche later joined the group, and together the four served as facilitators for the West Point meeting.

About Leadership Center for Investment Stewards

Headquartered in Mystic, CT, the Leadership Center for Investment Stewards inspires responsible investment stewardship by developing standards of conduct, engaging in topical research and delivering training programs which are grounded in moral, ethical and prudent decision-making. The Leadership Center’s most noted activity is its Leadership Boot Camp for Investment Stewards which is conducted at West Point.

For more information:

Donald B. Trone, GFS

President

don@lcfis.org

860-333-3401