Summary of Stewardship

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Stewardship book summary
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Recommendation

Why did the 2008 financial crisis occur? What steps must regulators and banks take to avoid similar disasters in the future? And how can individual investors protect themselves? Securities industry leader John G. Taft provides some thought-provoking answers to these questions and more. As the CEO of one of the US’s largest full-service investment, advisory and wealth management firms and as a chairman of the Securities Industry and Financial Markets Association, Taft offers an insider view. His position lends authoritative heft to his admonition to Wall Street: Make stewardship of your clients’ interests your primary mission. By extension, he exhorts everyone to take responsibility for safeguarding the Earth’s future. Though Taft’s treatise is, in some ways, a fiduciary reiteration of familiar, sound advice – be nice to everybody – getAbstract recommends his thoughtful, knowledgeable and impassioned appeal for professional and personal accountability. It’s a call to arms no one can afford to ignore.

In this summary, you will learn

  • Why financial professionals should make stewardship their primary mission,
  • How banks’ lack of responsibility toward their clients led to the 2008 financial crisis and
  • What investors can do to prepare themselves for the next financial upheaval.
 

About the Author

John G. Taft is the CEO of RBC Wealth Management in the US and served as chairman of the Securities Industry and Financial Markets Association. He is the grandson of former US senator Robert Taft and the great-grandson of US president William Howard Taft.

 

Summary

Stewardship in Crisis
On September 16, 2008, the popular Reserve Primary Fund “broke the buck” – which means it became unable to pay its subscribers $1 for every $1 of their investments. Although certainly not the largest money market fund, the $62 billion Reserve Primary Fund had enjoyed...

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