Who is a Private Fiduciary?
In California, a licensed private fiduciary is a trained and experienced professional who accepts responsibility for managing financial affairs and/or personal care of another person.
The role of a professional private fiduciary is to work with your team of professionals.
Legal
Medical
Accountant
Financial Advisor
Family
Four important functions that are not performed by Private Fiduciaries
- Do not provide Legal Advice; employ the client's current legal counselor or hire counsel.
- Do not provide Tax Advice; employ the client's current CPA or accountant.
- Do not provide Financial Planning Advice; employ the client's current financial advisor or hire a professional for that service.
- Do not provide Medical Advice; continue with the client's current doctors.
Who regulates Private Fiduciaries?
State of California
Department of Consumer Affairs Professional Fiduciary Bureau. Private fiduciaries are licensed and regulated by the California Department of Consumer Affairs Professional Fiduciary Bureau. Verify license status at www.search.dea.ca.gov. You can also reach the Bureau by telephone at (916) 574-7340.
Professional Fiduciary Association of California
Licensing requirements
- Must be 21 years old.
- Bachelor's degree or Associates degree and at least 3 years of fiduciary experience to qualify for Licensure.
- Must be a U.S. Citizen or be legally admitted to the U.S.
- Complete 30 hours of state and national pre-licensing education credits.
- Pass a State and National competency examination.
- Completed the formal application, which requires information on convictions, bankruptcy, and breaches of fiduciary duty.
- Submit fingerprints to the Department of Justice and FBI for a criminal background check.
- Consent to credit check.
- Adhere to the Professional Fiduciary Code of Conduct.
What are the Fundamental Qualities of a Private Fiduciary:
- Integrity
- Trust
- Compassion
- Trust is Essential
- The client receiving services may be
-Frail
-Vulnerable
-Incapacitated