For consumers who do not have a close family member or friend to assist them should they become incapacitated or unable to make sound life judgments, a licensed professional fiduciary may be able to assist.
The Professional Fiduciaries Bureau (PFB) was created by legislation that passed and was enacted into law in 2007 to regulate non-family member professional fiduciaries, including conservators, guardians, trustees, personal representatives of a decedent’s estate, and agents under durable power of attorney as defined by the Professional Fiduciaries Act.
Professional fiduciaries provide critical services to seniors, persons with disabilities, and children. They manage matters for clients including daily care, housing and medical needs, and also offer financial management services ranging from basic bill paying to estate and investment management.
Non-family member professional fiduciaries don’t necessarily come from a defined career path or college degree field.
“Many professional fiduciaries enter into the profession following their own personal experiences with taking care of a loved one,” Bureau Chief Rebecca May said. “They understand it isn’t a responsibility to take lightly.”
Individuals seeking licensure as a professional fiduciary must meet certain educational and experience requirements and: complete thirty (30) hours of approved education courses (one (1) hour must be in cultural competency), pass an examination, be fingerprinted, and pay fees. Once licensed, professional fiduciaries must earn fifteen (15) hours of continuing education credit (two hours of instruction must be in ethics or cultural competency every year, or alternatively a total of two hours of instruction in both ethics and cultural competency combined every year) each year for renewal.
PFB’s overall vision is that the well-being of consumers receiving professional fiduciary services is safeguarded, with the mission of protecting consumers through licensing, consumer education, and enforcement of the Professional Fiduciaries Act and promote and uphold competency and ethical standards across the profession.
Please visit the PFB website for more information.
