While there are 17.5 million men and women who have the legal responsibility for managing $26.6 trillion in assets held in pension plans, foundations, endowments and personal trusts, many of these so-called "lay fiduciaries" often don’t understand what they are supposed to do.
That’s a key finding of a survey conducted by the Center for Board Certified Fiduciaries, a Stonington, Connecticut-based group that will be awarding a new designation, Board Certified Fiduciary, aimed at educating lay people who take on a fiduciary responsibility.
“The CBCF will be affiliating with a leading university to provide a graduate-level certificate in fiduciary leadership, stewardship and governance,” the group said in a release, adding that, over time, it will develop curricula for the first graduate-level programs with a concentration in fiduciary responsibility.
According to the report, close to 3 million lay fiduciaries manage about $20 trillion in assets in retirement plans, while almost 13 million managed about $6 trillion in foundations and endowments, and about 1.6 million oversee more than $172 billion in private trusts.
Vanilla is extending its estate planning tech to Callan Family Office's ultra-high-net-worth business, while WealthFeed's organic growth engine will now be available to roughly 100 advisors at The Mather Group.
“We are helping families take an important first step toward building a financial foundation for the next generation,” said Franklin Templeton CEO Jenny Johnson
Richard Brothers Financial Advisors joins the fee-only RIA, adding its first Maine office and $240 million in client assets
Cleveland RIA grows to $68 billion in assets as Philadelphia team, deepening its high-net-worth and retirement-plan practice.
Financial planning leaders say unresolved rules on fees, Roth conversions and financial aid complicate comparisons with 529 plans.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
