Oct 1, 2011 12:00 PM

New SEC disclosure requirements impact trustees' selection of financial advisers

By Julie Jason

Dramatic new Securities and Exchange Commission (SEC) disclosure requirements will change the way trustees choose and manage financial advisers. These disclosures provide information that trustees may not have been able to cobble together on their own — and perhaps also raise the due diligence bar for trustees.

For the first time, trustees will be able to see a full picture of services, fees, disciplinary history and conflicts of interest — all the things that a dutiful fiduciary must explore, understand and assess before hiring (or continuing to retain) a financial adviser to invest trust assets. That's not to say, however, that the reading will necessarily be easy, as you'll notice from sample disclosures that I've provided (see “Sample Material Relationship Disclosure,” p. 25 and “Sample Interest in Client Transaction Disclosure,” p. 26).

Topics of Interest

Estate Tax	Donor Advised Funds
GSTs	Family Offices
Private Foundations	Life Insurance
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Topics of Interest

Estate Tax	Donor Advised Funds
GSTs	Family Offices
Private Foundations	Life Insurance
2010 Tax Act News	Industry Trends Surveys

E-Newsletter Signup

2011 Trust Glossary

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50 Years Ago This Month

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50 years ago, in May 1962, we featured articles such as: "Future of Canadian Trusteeship" by Arthur H. Mingay", "Training Trust Employees" by Ian M. Marr, "What is a Trust Officer?" by Eric J. Brown, and "Selling Services" by Donald I. Webb.

Conrad Teitell's Guide to Tax Benefits For Charitable Gifts

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