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<h4 style="text-align: center;"><span style="font-family: verdana,arial,helvetica,sans-serif;"><span style="font-size: x-small;">Fiduciary Liability Exposure Checklist</span></span> </h4>
<hr />
<p style="text-align: center;"> <span style="font-family: arial,helvetica,sans-serif; font-size: x-small;">Investment fiduciary duty is the highest known under the law </span></p>
<span style="font-size: medium;">
<p align="center"><span style="background-color: #ffffff; font-family: verdana,arial,helvetica,sans-serif; font-size: x-small;"><span style="text-decoration: underline;"><strong>Pitfalls for Attorneys, Business Managers and CPAs</strong></span></span></p>
</span>
<ul>
<li><span style="font-family: verdana,arial,helvetica,sans-serif; font-size: xx-small;">Providing investment advice to clients whether or not you receive compensation </span></li>
<li><span style="font-family: verdana,arial,helvetica,sans-serif; font-size: xx-small;">Drawing the line between investment advice and legal, financial or tax advice </span></li>
<li><span style="font-family: verdana,arial,helvetica,sans-serif; font-size: xx-small;">Serving as trustee to accomodate a client who doesn't want heirs to know or be involved </span></li>
<li><span style="font-family: verdana,arial,helvetica,sans-serif; font-size: xx-small;">Recommending any investment, stockbroker, financial planner or insurance agent to a trustee then failing to monitor the situation, among other things; personnel turnover happens and compliance may erode.</span> </li>
<li><span style="font-family: verdana,arial,helvetica,sans-serif; font-size: xx-small;">Receiving any remuneration or compensation for referrals, investments or insurance, etc.</span></li>
</ul>
<p align="center"><span style="background-color: #ffffff; font-family: verdana,arial,helvetica,sans-serif; font-size: x-small;"><span style="text-decoration: underline;"><strong>Steps to consider to insulate your professional practice</strong></span></span></p>
<ul>
<li><span style="font-family: arial,helvetica,sans-serif; font-size: xx-small;">Identify potential fiduciary risk exposure areas in your practice</span> </li>
<li><span style="font-size: xx-small;"><span style="font-family: Arial;">Review E&O insurance for coverage or exclusions related to investment fiduciary activities </span> </span></li>
<li><span style="font-size: xx-small;"><span style="font-family: arial,helvetica,sans-serif;">Inform clients who act as trustees of fiduciary responsibilities and liability</span> </span></li>
<li><span style="font-size: xx-small;"><span style="font-family: Arial;">Alert clients of potential liability <span style="text-decoration: underline;">before</span> they accept a trustee or board position on a non-profit</span> </span></li>
<li><span style="font-family: arial,helvetica,sans-serif;"><span style="background-color: #ffffff; font-size: xx-small;">Become familiar with federal and state laws concerning investment fiduciary standards of care: </span></span>
<ul>
<li><span style="font-family: arial,helvetica,sans-serif; font-size: xx-small;">Uniform Prudent Investor Act (UPIA)</span> </li>
<li><span style="font-family: arial,helvetica,sans-serif; font-size: xx-small;">ERISA</span> </li>
<li><span style="font-size: xx-small;"><span style="font-family: arial,helvetica,sans-serif;">Taft Hartley Act - </span><span style="font-family: arial,helvetica,sans-serif;">Union or multi-employer pensions</span> </span></li>
<li><span style="font-size: xx-small;"><span style="font-family: Arial;">Uniform Management of Public Employee's Pension Systems Act (UMPERs)</span> </span></li>
<li><span style="font-family: arial,helvetica,sans-serif; font-size: xx-small;">Uniform Prudent Management of Institutional Funds Act (UPMIFA)</span></li>
</ul>
</li>
</ul>
<p align="center"><span style="font-family: arial,helvetica,sans-serif; color: #0000cc; font-size: x-small;"><em>"The majority of investment fiduciary compliance is controllable"</em></span></p>
<p align="center"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;">Seek an independent, third party opinion from us; it counts as due diligence.</span></p>
<p align="left"><span style="font-family: Arial;"><span style="font-size: x-small;">Contact us at </span><a href="mailto:info@fiduciaryexpert.com"><span style="font-size: x-small;">info@fiduciaryexpert.com</span></a></span></p>
<p style="text-align: center;"><span style="font-size: 8pt; mso-bidi-font-size: 10.0pt;"><span style="font-family: verdana,geneva;"><span style="font-size: xx-small;">Copyright Chris McConnell & Associates 2003 - 2011. All rights reserved</span></span></span></p>
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