SOURCE: Advizent

August 20, 2012 07:00 ET

Robert S. Kaplan, Senior Associate Dean and Professor at Harvard Business School, and Robert A. Levy, Chairman of the Board of Directors at the Cato Institute, to Join Advizent's Independent Board of Standards

BOULDER, CO--(Marketwire - Aug 20, 2012) - Advizent today announced that Robert S. (Rob) Kaplan, Senior Associate Dean and Professor of Management Practice at Harvard Business School and former Vice Chairman of Goldman Sachs, and Robert A. Levy, Chairman of the board of directors at the Cato Institute, will serve as a board members of Advizent's Independent Board of Standards. The Independent Board is charged with developing a concise set of Standards of Excellence for all advisors providing investment advice; standards that embody the best practices of true fiduciary advisors.

Advizent's Independent Board of Standards will comprise seven influential leaders and consumer advocates. Their mission in participating on this board is to positively impact the country's citizens through awareness, transparency and education. 

"I believe that the financial services industry has an opportunity to ask itself the difficult question of how can we serve our clients more effectively? The industry must find ways to better serve consumers. In addition, increased education and an elevated standard that identifies best practitioners can arm consumers with the necessary information to make an educated decision. It is essential to the industry that consumers can trust those who advise them," said Mr. Kaplan.

"Unfortunately, the financial system and the regulations currently in place have not always served the consumer well. I believe that we have an opportunity to recast the balance of power from the industry to the consumer by providing consumers with the tools to distinguish true fiduciary advisors from those that are conflicted. Hopefully those tools will encourage investors to vote with their wallets," said Mr. Levy.

Robert Kaplan and Robert Levy join Jack Bogle, founder of the Vanguard Group, on the Advizent Independent Board of Standards.

"Both Mr. Kaplan and Mr. Levy bring extraordinary leadership and knowledge to our Board. Robert Kaplan brings over two decades of industry leadership, as well as invaluable experience as a Professor at HBS. His ability to teach and speak from experience will help Advizent drive meaningful change as we create digestible Standards of Excellence that consumers can depend on," commented Steve Lockshin, co-founder of Advizent. Charles Goldman, co-founder, adds, "Robert Levy's research and policy acumen, complemented by his unwavering honesty will be instrumental in developing the Advizent Standards of Excellence."

About Advizent, LLC
Advizent is a membership organization whose mission is to empower investors through education and by providing access to true fiduciary investment advice. It does so by establishing objective Standards of Excellence created by Advizent and its independent board of investor advocates and by identifying independent wealth management firms willing to rigorously and consistently meet and be held to those Standards. Launched in 2012 by two wealth management industry veterans, Advizent serves the investor by highlighting the differences in the universe of wealth management solutions and by providing access to top tier advisors committed to acting in the investor's best interest.

About Robert S. Kaplan
Robert S. Kaplan is Senior Associate Dean and Professor of Management Practice at Harvard Business School. He is also co-chairman of Draper Richards Kaplan Foundation, a global venture philanthropy firm, and is a member of the Board of the State Street Corporation. Prior to joining Harvard Business School in September 2005, Rob served as Vice Chairman of The Goldman Sachs Group, Inc. with oversight responsibility for the Investment Banking and Investment Management Divisions.

About Robert A. Levy
Robert A. Levy is the Chairman of the board of directors at The Cato Institute, an organization committed to individual liberty, free markets and peace. He also sits on boards of the Institute for Justice, the Federalist Society and the George Mason law school. Levy founded CDA Investment Technologies, a major provider of financial information and software, and was its CEO until 1991.

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