The new online Personal Fiduciary Certificate is setting a new tone in the world of fiduciary responsibilities, offering long-overdue fiduciary education for everyone.
BRAMPTON, Ontario, April 22, 2021 /PRNewswire/ -- Personal Fiduciary Standards International (PFSI), an organization formed to create a standardized education program for the duty of care required for individuals acting as fiduciaries, is proud to announce the Personal Fiduciary Certificate online program.
For those in need of a fiduciary, the potential for fraud or abuse can run rampant if left unchecked. PFSI is on a global mission to create the gold standard for guiding individuals appointed to a fiduciary role to act ethically and in the best interest of their appointers.
The Personal Fiduciary Certificate will initially be offered in 12 languages for optimal accessibility. Currently, over 62% of the global population and 74% of internet users worldwide can access and understand the course.
Through the Personal Fiduciary Certificate, individuals will learn:
- The guiding principles of fiduciary roles
- Limitations of the authority granted
- Red flags to look for
- Ways to avoid perilous mistakes that can lead to financial elder abuse
Financial elder abuse is a widespread problem - one which tends to linger until it is too late. The course was designed to be a constructive solution to this longstanding problem and pave the way for a better future.
In just two hours, the Personal Fiduciary Certificate packs a punch. During the virtual course, students will receive a comprehensive crash course in the ethics, ethical responsibilities, and general duty of care associated with acting as a fiduciary and being in a position of trust over someone else.
Acting as a fiduciary comes with countless responsibilities, and it is easy to stray from following fiduciary best practices, particularly when fiduciaries have not had the opportunity to fully learn what those responsibilities entail. The program reviews the responsibilities and expectations of a power of attorney, executor, executrix, and trustee in the context of communication, fairness, protection of assets, distribution of assets, reporting, and more.
"Providing individuals with the guiding principles of fiduciary roles, and the limitation of the authority that's been granted, helps people avoid the mistakes that lead to financial elder abuse, not to mention personal litigation," says PFSI President Mark O'Farrell. "It's like a boating license for personal fiduciaries."
The objective of the Personal Fiduciary Certificate is to create a standardized international understanding of right from wrong to protect seniors from unintended financial abuse by those acting on their behalf. This unique opportunity to protect seniors (and anyone else in need of a fiduciary) from harm is long overdue.
As described by Richard DesJardine, Vice President of ExecutorDepot.com, "The best way to avoid a car crash is get a driver's license and learn the rules of the road. Likewise, the best way to avoid being sued for breach of fiduciary duty is to get the PFC and learn the rules for acting in a fiduciary capacity."
Acting in a fiduciary capacity is a big job, and thanks to the Personal Fiduciary Certificate, fiduciaries do not have to go through it without proper guidance.
About Personal Fiduciary Standards International
PFSI was formed to create a standardized education program for the duty of care required by individuals acting as fiduciaries. Fiduciaries are anyone acting in a position of trust in a financial capacity for the wellbeing of another, such as acting as power of attorney, a trustee, as an executor or executrix, or in other similar capacity. For more information, visit thepfsi.com or email mark.ofarrell@thepfsi.com
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