Reaching out for help isn’t easy. No one wants to lose independence, and we all worry about the consequences of choosing the wrong person. So how can you find someone worthy of your trust?

California Licensed Professional Fiduciaries

For starters, the State of California has made the task easier by requiring those who manage the affairs of two or more unrelated people to obtain a license as a Professional Fiduciary (CLPF). To qualify, a person must have either an associate’s or bachelor’s degree from a properly accredited institution, at least 30 units of training specific to the work of a fiduciary, and if applying with an associate’s degree, an additional three years of experience working in a fiduciary-related field or environment. Each applicant is fingerprinted and must pass a state background check and comprehensive licensing exam.

After obtaining a license, a professional fiduciary is required annually to complete at least 15 units of continuing education and to file a report with the State on the assets currently under management. In addition, a fiduciary is subject at any time to a random audit by the Professional Fiduciaries Bureau, the profession’s licensing body. You can check the status of all CLPFs through the Department of Consumer Affairs website.

Professional Fiduciary Association of California

You can also ask the person you are considering whether s/he is a member of the Professional Fiduciary Association of California (PFAC). Membership is voluntary, yet signals a commitment to excellence and ongoing professional training. PFAC members pledge to adhere to a Code of Ethics and benefit from a close network of fellow professionals for guidance and support. To locate qualified members in your area, visit the PFAC website.