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Fiduciary Links: Other People's Money

Posted by fi360 Team on November 04, 2013 in Fiduciary Links

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>>>Last week, the Consumer Financial Protection Bureau released a series of documents called "Managing Someone Else's Money." These guides are geared for those who find themselves in a fiduciary role as caretaker to the assets of a loved one, such as an aging parent or the like. The guides are meant to inform these "amateur" fiduciaries that they have real responsibilities and expectations that come with the job. CFPB's guides are based on the basic fiduciary principles of acting in the best interests of the person you are caring for, the duty of care, separate custody of assets, and documentation. It's a great series that would surely be valuable to many of your clients who are in similar roles. It's also a reminder that fiduciary duty is not a matter of title, but a matter of function, and that the principles of being entrusted with another person's property are universal and timeless. 

Also read the official press release and comments from CFPB Director Cordray and Assistant Director Eisenhower for more information. 

>>>>If your RIA firm has yet to be the subject of an SEC exam, you might want to start getting ready for one. At a compliance event in New York last week, the director of the Office of Compliance Inspections and Examinations promised that never examined firms would be a high priority in the coming year. Of course, expert Brian Hamburger of MarketCounsel is quoted in the story as being skeptical. 

>>>>In the not-fiduciary, but must read anyway category, make sure you take a few minutes to take in this story. It's about an adviser who was actively deployed in the Army National Guard, managing 100 clients in his free time, all while pursuing his MBA and raising two sons younger than 5. "I wouldn't recommend it," is Mr. Pollard's advice on taking that much on. 

Now on to the rest of the week's best links:


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