| Concepts
Who Needs Fiduciary Consulting
Services?
Investment
Fiduciaries
There are more
than five million investment fiduciaries in
the U.S., which may include you if you answer
“yes” to any of the following
questions:
- Do you sit on a Board of Directors or
Investment Committee or are you a Trustee
or Foundation Manager for an organization
that has responsibility for other people’s
money?
- Are you legal counsel for a Board, Trust
or Foundation responsible for investment
decisions?
- Are you a Trustee of a pension or profit-sharing
trust fund or other investment program?
- Are you an investment advisor, manager,
consultant or financial planner to a Board
or others with responsibility for other
people’s money?
- Do you receive fees for referring clients
to investment managers, insurance brokers,
etc.?
Attorneys
Attorneys must
be aware of their role and obligations to fiduciary
and beneficiary clients. The responsible attorney
should give their immediate attention to the
protection of their client by adhering to the
practices stated in the Uniform Prudent Investor
Act (UPIA). An independent party proficient
in the application of prudent investment practices
can assist attorneys with evaluation, documentation
and implementation of those practices. Tillit's
viewpoint provides independent and objective
assessments, expert reports, and qualified expert
witness and consulting services for litigation
of investment management issues.
Investment Advisors
Investment advisors who have discretionary
authority over trust assets need to be crystal-clear of their fiduciary
responsibilities. Fiduciaries are now subject to increased scrutiny,
accountability and personal financial exposure — heightened by the
Department of Labor's new fiduciary education initiatives. Any
misinterpretation of these duties can lead to litigation against the
advisor. It is imperative that advisors become educated about prudent
investment strategies in order to secure the investment process.
Investment advisors cannot conduct oversight on themselves, therefore
independent and objective advice is necessary.
Back |
