Witz: Unfortunately, commonsense has never provided a fiduciary a reliable defense.
In this case, the Missouri Court of Appeals imposed a fiduciary duty on a trust protector where neither statute nor the trust instrument established a fiduciary duty.
The very role of a fiduciary to a pension fund is to ensure those providing services to the plan are held accountable.
The duties of a fiduciary to a pension can be summarized simply.
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As a result, clients have a much greater level of protection when working with a fiduciary as opposed to a non-fiduciary.
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Bottom line, any one determined to be a fiduciary, regardless of size, should sweat if they are a fiduciary because the fiduciary obligations under ERISA are the highest known to law.
Similarly, failing to make a disclosure when there is fiduciary obligation to make a disclosure is something that can be clearly understood (although sometimes it is difficult to know when one has a fiduciary duty to another).
Yes, there is a significant, yet subtle, difference between the role of a fiduciary advisor and a securities salesperson.
The Uniform Trust Code provides some guidance when it states that any individual providing direction to a trustee is fiduciary per se. (Footnote 4) Contrast this with Alaska and Arizona, whose statutes state that a trust protector shall not be treated as a fiduciary unless the trust instrument provides for such treatment.
On the state level, backdating could involve a breach of fiduciary duty, a waste of corporate assets and even a usurpation of a corporate opportunity.
In addition, a fiduciary is obligated to provide a diversified portfolio to minimize the risk of large losses and to select and monitor those investment alternatives to ensure they are prudent.
To be appointed as the fiduciary of a disabled veteran, an applicant must undergo a credit check and criminal background check.
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Unless they are a fiduciary to you (like an attorney, a doctor or a fee-only financial planner), they have no responsibility to look out for you.
This was a curious notion, given that he is still a board member with a fiduciary duty and chose not to renounce the payout or simply accept a drastically reduced sum.
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In Minnesota Attorney General Lori Swanson has proposed that mortgage brokers should have a "fiduciary obligation" to act in a borrower's best interest and an obligation to disclose insurance and property taxes in the monthly payment quoted to the borrower.
Roughly one-third of the larger population, or about 245, 000, are part-time fiduciaries, meaning they may seamlessly change roles from a fiduciary advisor to Joe the Stockbroker, and that they are working under a separate law that makes them a sales agent.
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The educational institution is in much more of a fiduciary role for its student athletes than corporate directors and should therefore be held to a higher standard of care.
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The Senate bill apparently stripped out the provision for a universal fiduciary standard, but there is still a chance that it will get reinstated in the House-Senate conference.
Imposing a uniform fiduciary standard on all investment professionals who provide investment advice is a first step in instilling great trust in and respect for our profession.
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Cornyn is looking into whether the lawyers breached their fiduciary duties to a client, Texas.
Obviously pensions have a fiduciary obligation to manage assets in the best interests of their beneficiaries.
One thing this story gets slightly wrong is the fiduciary duty of a director.
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The only problem is that if you are not careful, you might create a fiduciary relationship.
Money managers clearly have a fiduciary duty to investigate before they invest client funds.
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The law states that money management firms owe a fiduciary duty to their clients.
FORBES: The Future of the Consulting Industry Speech, (September 19, 2005)
For a client to actually collect on a fiduciary breach requires expensive legal action.
Did you know a stockbroker can use client testimonials but a fiduciary advisor may not?
One does hope that someone without a conflict of interest will exercise a fiduciary responsibility here.
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For employers using a payroll service, ask your payroll service if it has a fiduciary bond.
Triple bottom-line investing is consistent with fiduciary responsibilities from a portfolio investment diversification perspective for several reasons.
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