2013 Trust Account Checklist – Expenses, Fees, Commissions
ANNUAL REMINDER TO EVERY TRUST AND FIDUCIARY ACCOUNT
Letter from Trustee to Financial / Investment Advisor
Dear (insert title): Broker / Private banker / Investment adviser / Financial planner / Wealth manager
Part of my fiduciary duty, as trustee is to know the amounts paid for your services. When you can, kindly provide the DOLLAR amounts paid by the trust in 2013 for:
1. ADVISORY FEES $__________________________________
2. EXPENSES $_______________________________________
3. COMMISSIONS $___________________________________
4. MARK UPS / DOWNS $_______________________________ (Bonds, Principal trades)
5. LOADS $__________________________________________
6. INTERNAL EXPENSES $______________________________ (ETFs, Mutual funds)
7. ACCOUNT FEES $___________________________________
8. SAFE DEPOSIT $____________________________________
9. TAX PREP $_______________________________________
10. MARGIN INTEREST $______________________________
11. LOAN FEES $_____________________________________
12. STORAGE FEES $__________________________________
13. OTHER FEE, EXPENSE $_____________________________
14. OTHER FEE, EXPENSE $_____________________________
15. OTHER FEE, EXPENSE $_____________________________
16. TOTAL $_________________________________________
(Regardless, of whatever name it may be called, please provide any and all charges to the trust account in 2013.)
ASSET VALUES
JAN 1, 2013 $____________________________________
DEC 31, 2013 $____________________________________
Thank you very much for your assistance.
SIGNED: ___________________________________________
TRUSTEE of (insert name and account number) FAMILY, CHARITABLE, PENSION, FOUNDATION ENDOWMENT – or – OTHER FIDUCIARY ACCOUNT)
Date ____________________________
The above checklist is MOST important for any new trustee in 2013. Charities, not – for – profit organizations, foundations and endowments boards often install new officers, board members and trustees at the beginning of each year. In 2013 or 2014, BEFORE you accept an invitation to serve as a trustee, board member or on an investment committee (no matter how sought after or prestigious) make sure you know the underlying facts of the investment accounts. ASK questions and GET answers before you accept the position as a Trustee, because in addition to you having a vaunted title, there are important legal responsibilities that go along with it.
If any trustee or board member has any questions or feels more comfortable having me send the letter
you can contact me at info@fiduciaryexpert.com or (310) 943-6509
Copyright Chris McConnell & Associates 2013 All rights reserved