So what are the fiduciary issues in this article?  When a professional adviser (e.g., an attorney, CPA, CFP, etc.) directs clients to use a specific investment manager, as well as provide some oversight with regard to the investment manager, does the adviser have any fiduciary liability if the investment manager invests the assets contrary to the clients’ instructions?

The application of the concept of fiduciary standard of care will only broaden in the days ahead, and attorneys and other professional advisers should be aware of what their fiduciary obligations are becoming.

Couple Sues Estate Planners After Investments Wind Up in Madoff Feeder Fund

Remember, when it comes to being a Trustee or other fiduciary, process is more important than results!