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.
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