Helping others is a great way to make money, especially if you are already working a full time job or if you are wanting to expand your current position. Fiduciaries include conservators, guardians, trustees, and agents under durable power of attorney. You don’t have to offer all of these services to earn money and you should consider your current schedule, financial situation and the requirements while you look into this type of work.
I do want to cover a few disclaimers and clear up some terminology but bare with me and I will tell you what the requirements are to become a fiduciary.
Making money this way can be very rewarding because you can help people like seniors, disabled persons, and children by providing critical services. These services vary but may include daily care, housing and medical needs. They also make money by offering financial management services ranging from basic bill paying to estate and investment management.
Clearing Up Some Confusion About Fiduciaries
Of course the area of fiduciaries in financial management has been in the news and forced new legislation because of conflict of interest issues. You may not be aware of the fact that the person administering your retirement benefits at your job can be considered a fiduciary of sorts and thus held liable. There has been concern regarding financial advisors advising in favor of selling the financial product they are promoting rather than the investors interest.
Remember this isn’t to scare you off but to make you fully aware there have been some changes as you can see in this article:
Among the initiatives introduced is H.R. 3817, the Investor Protection Act of 2009. H.R. 3817, passed by the House Financial Services Committee in March (but not yet law), along with other financial reform legislation currently making its way through Congress, is striving to modernize America’s financial regulatory system. … The DOL has also announced its intent to expand the definition of fiduciary under ERISA.
(Article Source: http://EzineArticles.com/4555063)
There are other uses of the term “fiduciary” and just to be clear I am not refering to fiduciary duties as explained here:
Fiduciary duties is a common law term which has been construed to mean that directors are expected to act “in good faith,” in the best interest of the company or corporation, and to exercise their power as director with the same level of care that an ordinary person would exhibit in the same situation.
(Article Source: http://EzineArticles.com/2986665)
How To Become A Fiduciary
With all of that said you are probably wondering what you would have to do in order to become a fiduciary here are some of California’s requirements:
- At least 21 years old
- meet educational or professional experience requirements
- fill out an application,
- have a Live Scan done,
- $400 application fee,
- passing an exam
- completing thirty (30) hours of approved education courses
- fifteen (15) hours of continuing education requirements
Find out how by contacting your state’s professional fiduciaries bureau. I wasn’t able to find a site that linked to this information for all the states, I can tell you California lists them under their Department of Consumer Affairs. All of this education must be taken from an accredited educational institution, or be approved or offered by an approved education provider. Here are some places that offer courses:
- The CSUF Fullerton’s Fiduciary Management Program online courses-website: www.csufextension.org/fiduciary/. Requirements for their program include: A bachelor’s degree from an accredited university; OR at least five years of experience working in fiduciary management or geriatric care; OR at least 60 semester units of college-level work and permission of the program manager.
- Center For Guardianship Certification: www.guardianshipcert.org. This sites allows you to earn a national certificate the list of requirements looks a bit longer but half of that list is just making sure you haven’t been in legal trouble.
- The Professional Fiduciary Association programs-website: www.pfac-pro.org. This association is a member of the Center For Guardianship but I found more specific information on their site.
This is not for everyone but don’t rule yourself out before checking into it further. The upfront costs are still low if you compare them to most ways to make money or advance your career and the time you spend taking the courses is very short. Share what know if you find out what other states are requiring or what your experiences are with becoming a fiduciary by posting a comment below.
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