Ken Fisher, founderand chairman of Fisher Investments (Photo: JonathanFickies/Bloomberg via Getty Images)

A week after advisor Ken Fishermade crude remarks at an industry event, Fidelity Investments istaking him to task and reviewing its relationship with the firm,which manages about $500 million of its assets, according to areport. 

[Editor's note: Bloomberg is reporting that the stateof Florida pension fund is also lookingat its relationship with Fisher Investments. The pension fund has"about $175 million with Fisher," according to spokesman JohnKuczwanski, quoted in the Bloomberg story.]

The news comes about four daysafter Michigan's pension fund said it would pull $600million in assets from Fisher Investments.

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"We are very concerned about thehighly inappropriate comments by Kenneth Fisher. The views heexpressed do not align in any way with our company's values,"Fidelity spokesman Vincent Loporchio told Reuters. "We do not tolerate these typesof comments at our company."

Fisher's firm works on assetsheld within the $8 billion Fidelity Strategic Advisers Small-MidCap Fund, according to the report, which added that a spokespersonfor Fisher did not immediately return a request forcomment.

On Friday, Michigan ChiefInvestment Officer Jon Braeutigam said in a letter obtained bymultiple news publications: "All were in unanimous agreement thatprompt termination is the correct course of action. There is noexcuse to not treat everyone with dignity and respect. We have highexpectations of our managers (and staff), not just with regards toreturns but also in how they exhibit integrity and respect to allindividuals."

Also in the letter, Braeutigamsaid that while Fisher Investments' "performance has been good(beating the S&P 1500). …, this history does not outweigh theinappropriateness of the comments made by the founder."

Conference conduct

Fisher made his lewd comments atthe Tiburon CEO Summit on Tuesday. The following day attendee andadvisor Alex Chalekian posted a video on Twittercriticizing the remarks; it has nearly 139,000 views.

Afterward, Fisher questioned thenegative attention his comments were receiving, before apologizing.He has been barred from future events organized by TiburonStrategic Advisors. 

Early Friday, CambridgeInvestment Research President and CEO Amy Webber said she believedthere should be a code of conduct at industry events. Othersmembers of the industry explained that the industry should use thissituation as an opportunity for change that can bring more women,younger individuals and others to its ranks.

Webber explained that, althoughshe was not at the Tiburon CEO Summit, she believes that "not onlyshould there be a professional code or conduct and a culture ofinclusion at all industry events, those policies have to beenforced and honored," according to astatement. 

The executive adds that suchpolicies should include "organizers, moderators and attendees."Furthermore, "We must get toa point where this industry, male dominated or not, carries aculture of respect," Webber said. 

Turning point

Asked if this week's callout ofFisher's comments and response to it represents a watershed for theindustry, Bair FinancialPlanning President Marci Bair responded: "Yes. It sparked enoughinterest and conversation that hopefully it's not just a two-dayevent."

What's changed? "This is thefirst public acknowledgement of the behavior of someone … infinancial services who's that well known and that high profile,"Bair said. 

"Today, with social media, it'seasy to put something out there — which Ken Fisher and others needto be aware of," the certified financial planneradded. 

"I hope it is a turning point infinancial services, so that advisors and others will think beforethey speak," Bair said. "And as we put together conferences andinvitations we will vet [speakers] better and have more diversityand inclusion of those we ask to speak."

Though Fisher has apologized forcausing offense, "He also was like, 'I always talk this way. What'sthe big deal?" she noted. 

("I have given a lot of talks, a lot of times,in a lot of places and said stuff like this and never gotten thattype of response," Fisher told Bloomberg. "Mostly the audienceunderstands what I am saying.")

But the video criticizing hisremarks "shows the changing of advisors' attitudes," Bairsaid. 

"This time was different,because Alex spoke out and others supported him," she said. "Plus,Chip Roame of Tiburon Strategic Advisors came out swift and visibleas well. They should be commended for not ducking andhiding."

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