Fiduciary Oath

Dear Investor:

Who can you trust to give you unbiased investment advice? If you are like most people, you assume that someone who provides investment advice to you must be required to act in your best interests. Unfortunately, that is only true for some advisors--those who are fiduciaries.

Financial laws and regulations have two sets of rules. One set is for people who sell financial products, generally brokers and insurance company representatives. These salespeople are contractually obligated to place the interest of their employer ahead of the interests of their clients.

The other set of rules is for those who are registered as investment advisors with the federal Securities and Exchange Commission (SEC) or comparable state regulators. Registered investment advisors are legally obligated to place your interests first. They are fiduciaries. That means they must not only be loyal to serving your exclusive best interests, they also must adhere to a high standard of professional competence.

Unlike in other professions, such as law and medicine, anyone can call himself an investment or financial advisor—even if he is really a salesperson whose primary loyalty is to his employer rather than to the person he advises. This situation is confusing for investors, and it needs to change.

Disciplined Equity Management was founded on the principals of the Fiduciary Standard. As such, we are lending our full support to a grassroots organization of financial service professionals known as the Committee for the Fiduciary Standard. The Committee's goal is to educate legislators, regulators, and the investing public about the importance of protecting investors by extending the fiduciary standard to cover everyone who provides personalized investment advice.

The Committee has drafted the very straight forward oath you will find on the page that commits an advisor to adhere to a fiduciary ethic and, in so doing, to be accountable for the advice the advisor renders to you, the client. All employees at Disciplined Equity Management have signed this oath to you as an affirmation of our pledge to always act in your best interests.

We strongly recommend that you insist that any advisor you work with be willing to sign this common sense oath. If any advisor will not sign the oath, you owe it to yourself to ask why you would trust your financial future to that advisor's care.

Please contact us if you would like additional information about why it is so vitally important to always have a fiduciary offering you conflict-free advice.


Donald V. Davey
Senior Portfolio Manager
Disciplined Equity Management

Putting Our Clients' Interests First

We believe in placing our clients' best interests first. Therefore, all employees of Disciplined Equity Management are proud to commit to the following five fiduciary principles:

  1. We will always put our clients' best interests first.
  2. We will always act with the prudence, skill, care, diligence, and good judgment of a professional.
  3. We will not mislead clients, and we will provide conspicuous, full and fair disclosure of all important facts.
  4. We will always avoid conflicts of interest.
  5. We will always fully disclose and fairly manage any unavoidable conflicts in our clients' favor.

Advisor - Donald V. Davey
Firm Affiliation - Disciplined Equity Management, Inc.

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