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Are You A Professional Fiduciary?
The following individuals are required to obtain a license as a Profession Fiduciary in California as defined in the Professional Fiduciaries Act (Act).
Conservators / Guardians
A person who acts as a conservator or guardian for two or more persons at the same time who are not related to the professional fiduciary or to each other by blood, adoption, marriage, or registered domestic partnership.
Trustees / Agent Under a Durable Powers of Attorney
A person who acts as a trustee, agent under a durable power of attorney for health care, or agent under a durable power of attorney for finances, for more than three people or more than three families, or a combination of people and families that totals more than three, at the same time, who are not related to the professional fiduciary by blood, adoption, marriage, or registered domestic partnership.
For a "trustee" this includes an individual who is acting as a trustee or an individual acting on behalf of an entity to perform the functions of a trustee, for a trust that includes at least one individual beneficiary, and, they are acting on behalf of more than three trustors whom are not related to them.
The following individuals are not required to obtain a license as defined in the Act:
A Trust Company or Employee: A trust company or one of its employees whom is acting in the course and scope of employment.
An FDIC-Insured Institution or Employee: An FDIC-insured institution, or its holding companies, subsidiaries, or affiliates, or an employee of one of these entities acting within the course and scope of employment. An affiliate means any entity that shares an ownership interest with, or that is under the common control of, the FDIC-insured institution.
A Public Officer or Public Agency: Any public officer or public agency, including the public guardian, public conservator, or other agency of the State of California or of a county of California, when that public officer or public agency is acting in the course and scope of official duties, or any regional center for persons with developmental disabilities.
A Broker-Dealer and Investment Advisor: Any person whose sole activity as a professional fiduciary is as a broker-dealer, broker-dealer agent, investment adviser, or investment adviser representative registered and regulated under the Corporate Securities Law of 1968, the Investment Advisers Act of 1940, or the Securities Exchange Act of 1934, or involves serving as a trustee to a company regulated by the Securities and Exchange Commission under the Investment Company Act of 1940.
Attorney: Any person licensed as an attorney under the California State Bar Act.
Certified Public Accountant: Any person licensed as a certified public accountant in California.
Enrolled Agent: Any person enrolled as an agent to practice before the Internal Revenue Service.
(See Business & Professions Code Sections 6501 and 6530 and Section 4406(e) of Article 1 of Division 41 of Title 16 of the California Code of Regulations)
