Benefits to Choosing a Professional Fiduciary Over a Friend or Family Member

A fiduciary is a person or company that is entrusted to manage wealth, including investment portfolios, luxury assets, properties and funds.

Sometimes individuals tend to select a friend or family member to act as their fiduciary – this may work for some, but choosing a professional fiduciary like Abacus can really make the difference in terms of asset management and wealth preservation.

For example;

  • The Abacus group of companies are regulated by relevant authorities/bodies and held to certain fiduciary standards in order to secure an appropriate degree of protection for their client’s assets. As a professional fiduciary, we are required to adhere to policies that prevent any potential mismanagement. None of these policies and standards are required of friends or family members that act as fiduciaries.

  • At Abacus, we are focused on a primary goal: providing top quality service. Abacus teams only represent clients’ interests and serve their fiduciary duties irrespective of any and all personal circumstances; decisions regarding a client’s wealth would never be made from a place of self-interest or greed. Naturally we all would think that the same is true of any family members and friends, however the lack of regulations regarding non-professional fiduciaries can result in serious financial and personal problems.

  • The Abacus group of companies have a full understanding of both local and international laws governing their work and services as fiduciaries. Whilst friends and family members can conceivably learn about these legislations, they typically don’t have the knowledge and experience required to make appropriate, timely decisions based on the ever-changing regulations.

  • Due to lack of extensive knowledge and relevant skills, friends and family members may also fail in providing tailored solutions designed to meet specific objectives and requirements. On the contrary, be it the relatively straightforward planning techniques or the more complex structuring of tax affairs, our teams have the breadth and depth of expertise necessary to provide tailored advice and a range of innovative ideas for effective tax planning and mitigation of potential liabilities.

  • Abacus have both the knowledge and the means to work cooperatively with external accountants, attorneys, and other professionals clients rely on for assistance with legal and financial matters. At the same time, we have trusted in-house experts who can provide for specific requirements. It is no doubt clear that a friend or family member could not offer the same level of service and degree of care.

  • As a professional fiduciary, we understand that individuals may eventually wish to entrust their finances to a different fiduciary, and we would not jeopardize their assets if they choose to do so. A friend or family member may take such a choice personally, resulting in hurt feelings at best and mismanagement of wealth at worst.

If you have concerns that your friend or family member is not well prepared for the ever-changing legislations and ever more sophisticated tax issues, then why not contact us?  It will cost nothing, except a small amount of time, to see if a professional fiduciary, such as Abacus, can deliver a greater confidence and peace of mind.

If you would like to know more about the services we provide or speak to a member of our team, please contact Kevin Loundes at kevin.loundes@abacustrustgroup.com or call on +44 1624 689608.

 

Written by Marta Bellamoli, Marketing Co-ordinator