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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.
FORBES: Trust Protectors: Coming Out of the Woodwork
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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.
FORBES: Trust Protectors: Coming Out of the Woodwork
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This category excludes securities dealers and commodity contracts dealers, but includes other sellers of financial contracts and could include portfolio managers and those who provide trust, fiduciary and custody services.
FORBES: Where to Look for Jobs: Profitable Industries May Be a Clue
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But vagueness didn't prevent Northern Trust Chief Fiduciary Officer Hugh Magill, based in Chicago, from recently requiring a man in his mid-50s to prove he was "of sound mind, good moral character and temperate financial habits" as a trust for the man required.
WSJ: How to Control Your Heirs From the Grave
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Bankers were also more obligated in the past towards their fiduciary duty - a relationship of trust - with clients, say former bankers.
BBC: How banking culture transformed over the decades
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When the client dies, the lawyer-fiduciary hires himself to perform legal services for the estate or trust.
FORBES: Protect Us from Lawyers
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The result is that few of the companies that provide critical services to pensions, involving high degrees of trust and confidence, operate in a manner consistent with their fiduciary duty.
FORBES: Murders and Pensions: The Need for Forensic Investigations (March 28, 2006 )
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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.
FORBES: Fiduciary Now! How to Protect Main Street from Wall Street's Casino Culture