Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-hide-security-enhancer domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /hermes/bosnacweb04/bosnacweb04ag/b1242/ipw.fiduciaryexpert/public_html/wp-includes/functions.php on line 6114
Fiduciary Liability Exposure Attorneys, CPA’s, Business Managers, Advisers – Fiduciary Expert

Fiduciary Liability Exposure Attorneys, CPA’s, Business Managers, Advisers

Fiduciary Liability Exposure Checklist


Trust, It's all about the client / beneficiary
Trust, It’s all about the client / beneficiary

Pitfalls for Attorneys, Business Managers and CPAs

  • Providing investment advice to clients whether or not you receive compensation
  • Drawing the line between investment advice and legal, financial or tax advice
  • Serving as trustee to accomodate a client who doesn’t want heirs to know or be involved
  • Recommending any investment, stockbroker, financial planner or insurance agent to a trustee then failing to monitor the situation, among other things; personnel turnover happens and compliance may erode.
  • Receiving any remuneration or compensation for referrals, investments or insurance, etc.

Steps to consider to insulate your professional practice

  • Identify potential fiduciary risk exposure areas in your practice
  • Review E&O insurance for coverage or exclusions related to investment fiduciary activities
  • Inform clients who act as trustees of fiduciary responsibilities and liability
  • Alert clients of potential liability before they accept a trustee or board position on a non-profit
  • Become familiar with federal and state laws concerning investment fiduciary standards of care:
  • Uniform Prudent Investor Act (UPIA)
  • ERISA, Taft Hartley Act (Union, multi-employer plans)
  • Uniform Management of Public Employee’s Pension Systems Act (state, county, city plans) (UMPERs)
  • Uniform Prudent Management of Institutional Funds Act (UPMIFA)

Seek an independent, third party opinion from us; it counts as due diligence.

Contact us at info@fiduciaryexpert.com

(310) 943 – 6509

Initial Courtesy Consultations

Copyright Chris McConnell & Associates 2003 – 2013. All rights reserved

Text us