There are many things to consider when looking for a fiduciary to help you grow and sustain your wealth.
You want a person with integrity, interpersonal skills. But what else should you consider? Selecting a fiduciary is not something that should be done lightly.
Here are some recommendations for the qualities to look for in a fiduciary, and what you should do if a fiduciary dispute arises.
Five Qualities to Look for in a Fiduciary Relationship
There are five qualities you will typically want to look for in a fiduciary relationship. You will want someone that is trustworthy, representative, credible, knowledgeable, and understanding.
1.) Trustworthy
The first quality you should look for is trustworthiness. You should know a fiduciary is someone you can trust before you establish a fiduciary relationship with them. There are a few ways to determine this. Does the fiduciary have professional references they are ready to share with you?. If the fiduciary was referred to you, do you trust the referral source? You can also check online to see whether any complaints have been asserted against the fiduciary and check with others in the industry to see what the fiduciary’s reputation is among their peers.
2.) Represents Your Best Interests
Another quality to look for is the fiduciary’s ability to provide proper representation. A fiduciary should represent you in the best light possible and be mindful and protective of your interests. This is the foundation of fiduciary duty.
3.) Credible
Credibility is also important to consider. You want the fiduciary you are working with to be professionally certified. For instance, if the fiduciary you are working with is a stockbroker, you will want to make sure that they are certified and licensed to help you with your financial needs and decisions.
4.) Knowledgeable
Along with someone who represents your best interests and who is credible in their field, you will also want to work with someone who is knowledgeable of the current trends in the marketplace. This helps ensure that they make recommendations that will positively impact your financial future.
5.) Understanding
You will also want someone who is understanding and empathetic. It’s important to work with a fiduciary who understands life’s challenges and how those could affect you and your family. Life often takes unexpected turns: a loved one could pass away, you could lose a job, or you could find yourself in a car accident. It is vital to work with a fiduciary who can understand these life challenges and how you might need access to money to pay for the expenses of repairing, buying, or leasing a new car, paying for a funeral, and other major life events.
When a Fiduciary Dispute Arises
Unfortunately, you may discover that your fiduciary may lack some or all of these qualities. In this case, a fiduciary dispute could arise: the fiduciary may not be meeting their fiduciary duties as outlined in the working contractual agreement you have with them. In this situation, you may have grounds for a breach of fiduciary duty claim or other types of fiduciary duty claims.
How We Can Help You if you Ever Find Yourself in a Fiduciary Dispute?
If you have found yourself in a fiduciary dispute, call our law office at 404-892-9797 or fill out our contact form here to set up a free consultation with our experienced litigation and mediation team.
Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes with over 30 years of experience representing individuals, executors, trustees, and more in complex fiduciary disputes involving wills, estates, and trusts.
