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A Poem From One of Our Clients

We received this poem from one of our clients, and we thought we’d share with you. It makes us feel to good to know that our work is appreciated, and that our clients are happy.

 

Hand writeen Poem testimonial for CMY Fiduciary Services

The text reads:

I want to tell you right away that I am sad to go today.

You’ve done me proud and worked it well,
To coin a phrase, “it was swell.”
You watched my money and dealt it out,
with always a smile, and rarely a doubt.
I want “newcomers” to read this and know,
their funds are safe, as you will show.
You’ll do them proud as you did me,
With fair spent funds at a very good fee.
You cared about me, and friends,
And were kind, too, when funds did not end.
My last trustee was ice and cold,
She spent thousands of dollars
I was not told.
Here it is different, just ask away,
They’ll answer all questions, and no one will “play.”
Both they and you work every minute,
They’ll do their best to see you win it.
I hope this helps all understand,
That when help’s needed, they’ll have your hand.
So again I say to all you here,
You’re in my heart, I consider you dear.
To Carolyn & Lindsay, most of all,
You made my money last til fall! 🙂
I wish you all continued success,
You run a business that is the best.

Sincerely,

Marlise Blessing
10-3-13

Should I Trust A Fiduciary?

Let’s face it, in a perfect world, we would all hope that we could trust those in positions to make decisions on our behalf and that those decisions would make things better for us. However, the world is a complex place and bad decisions are made all the time – we read about them in the news, we hear about them from friends and neighbors.

In light of the crash of the world’s financial markets – renewed interest from government regulators has brought attention to the different type of trust-based services we utilize and who is qualified to make those decisions on our behalf. Stockbrokers, Investment Advisers, and Insurance Agents are all required to gather information about your risk tolerance, investment time horizon, and financial goals so they can recommend “suitable” financial products.

So then, what is a suitable financial product?

Suggesting to an elderly person living on small budget that they should invest in a highly volatile stock would probably not meet the suitability requirement. The client should not be in a high risk investment, and probably should be directed towards a product which produces regular income and has little risk of loss of principal instead.

A financial advisor can recommend many options but those options must make sense from a practical standpoint.  There may be thousands of options that meet the suitability requirement for a certain type of client however, and not all those products are created equal. That is where the importance of a fiduciary comes in.

Then what is a fiduciary?

A Fiduciary has a legal duty which means that the person or firm you are dealing with is required to act in the best interests of their client, treating their recommendations and decisions as their top concern.  In the example above, there might be several financial investment products which are suitable investments for the client. A Financial Advisor with a fiduciary duty would be required to recommend the best fund for the client.  This is true even if they would receive a higher commission or other compensation by steering the client to a different option.

A financial adviser with a suitability requirement only (no fiduciary duty) could refer the client to a much broader variety of options – without this key distinction.

At CMY Fiduciary Services, we know that the adviser/client relationship must be based on trust so that all decisions moving forward can be made giving the client peace of mind and enabling the fiduciary to provide all the services needed on the clients behalf.

At CMY Fiduciary Services, financial advice is only one part of our list of client services. We also provide Executor Services, Trustee Services, Guardianship and Pre-Need Guardianship, as well as Health Care Surrogate and Attorney In Fact.

Contact a Fiduciary in Sacramento

When you retain the services of CMY Fiduciary Services, do so with the assurance and knowledge that as licensed fiduciary agents, our first priority and legal duty is to act in your best interest at all times. It is a relationship built on trust and one which we value highly.

Contact Carolyn M. Young today.

What Is a Fiduciary?

A fiduciary is a person or institution given the power to act on your behalf of another in situations that require a great deal of trust, honesty and loyalty. Some fiduciaries you may be familiar with include accountants, attorneys, bankers, business advisors, financial advisors, mortgage brokers and real estate agents. It is important that in these areas you have a licensed fiduciary who has taken a legal oath to put your best interest in front of all others.

Some examples of fiduciary responsibilities include:

  • Personal Representative/Executor – Administering your estate in accordance with the directions contained in your Last Will and Testament; may include individuals and/or an institution such as a bank or trust company
  • Trustee –Managing the assets that you title in the name of your Revocable Living Trust or any other type of trust you create in accordance with the directions contained in the trust agreement; may include individuals and/or an institution such as a bank or trust company
  • Health Care Agent/Surrogate – Make medical decisions on your behalf in accordance with the directions contained in your Medical Power of Attorney or Durable Power of Attorney for Health Care; can’t be an institution or a health care provider who is currently treating you
  • Attorney in Fact – Asset management as titled in your individual name in accordance with the directions contained in your financial Power of Attorney; can be one or more individuals and/or an institution such as a bank or trust company
  • Preneed Guardian – Responsible for care of you and your property if you’re determined to be mentally incompetent by a court and in need of a court-appointed guardian to manage your affairs; may designate this fiduciary or in your Advance Medical Directive or medical or financial Power of Attorney
  • Guardian for Minor Children – Care of your minor children in the event you die while the children are still minors; you can designate this fiduciary in your Last Will and Testament

At CMY Fiduciary Services, we are experienced in all aspects of fiduciary duties and as such we seek to make certain our clients are assured as to our abilities and total commitment to their best interest in all aspects of service.

Often, the circumstances leading one to a fiduciary can be complicated or filled with emotion. At Carolyn M. Young Fiduciary Services, we are sensitive to your needs and concerns and work to establish a relationship built on trust.  Contact us today for a free consultation to see how we can help you.

What Are The Laws & Regulations That Fiduciaries Must Follow?

Very few relationships come under as much scrutiny as the one between a fiduciary and their client. Because this relationship requires such a high degree of trust from the client and allows fiduciaries legal responsibilities on behalf of the client, the highest standard of customer care available under law is the foundation to all of these relationships.

A fiduciary must balance excellent duty of care with excellent duty of advice. A fiduciary must act in the best interest of the customer, and must be able to provide full and fair disclosure of material facts and conflicts of interest.

Financial advisers and broker-dealers are regulated by different laws. The fiduciary system, established in the 1940s, leaves states free to develop their own set of fiduciary standards. This can confuse investors and lead to inconsistent definitions and interpretations under state law.

As part of the financial regulatory proposal in 2009, the Obama Administration proposed to standardize the care that investors receive from financial professionals, whether financial advisers or broker-dealers at the federal level. From this proposal, the Dodd-Frank Act directed the Securities and Exchange Commission (SEC) to study the need for establishing a new, uniform, federal fiduciary standard of care for brokers and investment advisers providing personalized investment advice. This has led to broad, standardized definitions of care that are closely monitored.

Further, the Department of Labor (DOL) is expected to set new legislation forth in 2013 for all others who work with pension and 401(k) plans and IRAs and whether or not they will be deemed fiduciaries under certain circumstances.

While the laws are currently under scrutiny and may be changing up ahead, the foundation of the guidelines for fiduciaries remains the same – the legal requirement to act in the best interest of the client at all times.  With this in mind, CMY Fiduciary Services is diligent in our absolute commitment to the highest standard of service and care.

At Carolyn M. Young Fiduciary Services we value the relationships with our customers and must meet these high standards – the best care in the best interest of the client at all times.

Carolyn M. Young Fiduciary Services has three certified fiduciaries on staff – each of whom is committed to providing professional guidance in a caring, helpful and effective manner.

Contact us today to see how we can help you.

Who Needs A Fiduciary?

Fiduciaries can be of great assistance to a wide range of people. Certainly the elderly often need our help. Fiduciaries can also be advocates for people with disabilities, those who can no longer take care of themselves (regardless of age), those with memory loss or dementia, widowed individuals, people with mental illness or other challenges, the elderly who have no others to assist, and those who might otherwise become victims of elder abuse or neglect.

Families who would like to delegate the administration of a trust or estate administration to a professional also appreciate our services.

Fiduciaries can offer services such as:

  • Professional Trust Administration
  • Conservators of the Estate
  • Estate Administration following a death
  • Bill Payment services
  • Representative Payee services
  • Special Needs Trust Administration
  • Acting as Agent for Health Care
  • Court accounting services

To find a professional fiduciary you may be able to get a referral from an attorney or other legal professional. Attorneys specializing in trusts, estate planning, and conservatorships are often acquainted with private professional fiduciaries. Another resource is from the website for the Professional Fiduciary Association of California (PFAC). On the PFAC website you can search for professionals in your area or that meet your specific needs.

CMY Fiduciary Services is your trusted fiduciary service provider –

  • Licensed by the State of California through the Professional Fiduciaries Bureau.
  • We can be bonded for each client and case if desired. A bond can be obtained to protect the client’s assets. A bond company provides the surety that if anything happens, the bond company will make good on any losses.
  • Errors and Omissions insurance and Professional Liability insurance are carried by all CMY fiduciaries. This protects our clients and adds another layer of assurance.
  • The PFAC Code of Ethics require that the only compensation CMY Fiduciary Services can receive or accept are professional fees.  

About Carolyn M. Young Fiduciary Services

Carolyn M. Young Fiduciary Services has the knowledge and skills to provide the personal or financial care you and your loved ones need. We are committed to acting solely in the best interest of our customers and building a strong foundation of trust with all of our clients.

Contact us today for a free consultation to see how we can help you.