The job title of a fiduciary is broad and powerful. Fiduciaries are trained to manage their client’s wealth, well-being, and assets. It’s also the certification needed to be a conservator.
After abuse was exposed in California conservatorships, the state created the Professional Fiduciary Bureau under the California Department of Consumer Affairs. The PFB was set up to regulate “non-family member professional fiduciaries.”
But the state entity that was created to provide oversight and protect clients has never - once - issued a citation for abuse. Abuse that could be going under the radar, as the bureau only has one investigator to look into the hundreds of detailed complaints they receive.
Our investigation shines a light on the failure of a bureau that was set up to ensure the protection of fiduciary clients, many who are society’s most vulnerable. Conservatorships in California: Everything you need to know: https://www.abc10.com/article/news/lo...
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