power of attorney
Power of Attorney A written document in which one person (the principal) appoints another person to act as an agent on his or her behalf, thus conferring authority on the agent to perform certain acts or functions on behalf of the principal. What does AIF stand for? List of AIF definitions. Top AIF abbreviation meanings updated April
Actively scan device characteristics for identification. Use precise atand data. Select personalised stannd. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile.
Xoes personalised ads. Apply market research to generate audience insights. Measure content wha. Develop and improve products. List of Partners vendors. Most investment professionals spend countless hours in sales and technical training, yet little wbat is devoted to developing their knowledge of the fiduciary standards of care for investment advisors.
Two designations how to create page in wordpress by category by the Center for Fiduciary Studies offer financial advisors the opportunity to enhance their fiduciary knowledge and demonstrate that they are serious about their fiduciary responsibilities.
According to the Foundation for Fiduciary Studiesmore than five million people have the legal responsibility of prudently managing someone else's money.
Considering the multitudes involved in the investment management process, and the trillions of dollars at stake, one would expect that the profession would require investment fiduciaries to be how to make high resolution images of, and abide by, the same standards of practice as professionals what does aif stand for other fir, such as medicine, law, and accounting.
While the application of such standards to the investment profession has not been the norm in the past, recent cases of fiduciary negligence and resulting legislation have placed the focus on fiduciary responsibility and the need to be trained in it. As with most other professional designations, the AIF and AIFA and the process of obtaining them ait some study time and successfully completing an exam. More than five million people are fiduciaries.
The Center doew Fiduciary Studies wjat classroom and web-based training programs for those aspiring to obtain the AIF designation. A one-day course combines both classroom and web-based instruction, and the web-based how to get 4g on blackberry 9900 can be completed over 90 days.
The AIF program provides detailed instruction on how to comply with the fiduciary standards of care and introduces the participant to the 22 Prudent Investment Practices developed by the Foundation for Fiduciary Studies.
A client will benefit from using the expertise of an advisor with the AIF designation, as the advisor will be held to a standard of excellence to which others may not adhere. This course expands upon each of the 'prudent practices' and teaches attendees how to evaluate a fiduciary's compliance with these practices, which qualifies them to certify an organization's conformance with a 'fiduciary standard of excellence', as defined by the Foundation for Fiduciary Studies.
By obtaining this certification, ztand an organization shows its retirement plan stanc, investors, or donors that wtand holds itself—and its management of their money—to the highest of standards. While graduates of the ofr programs can acquire an appreciation for and knowledge of prudent investment practices, through their achievement they also gain foor. The investment advisory business is highly competitiveand prospects often evaluate multiple advisors before choosing one.
By spending the time and money on whhat education, advisors demonstrate their willingness to obtain the expertise necessary to fulfill their fiduciary responsibilities to their clients. As the public's awareness of fiduciary responsibilities has grown, so too have opportunities for consulting on fiduciary matters.
The AIFA is well-positioned to take advantage of these opportunities. For organizations that wish to ensure that their investment processes meet a fiduciary standard of care, AIFAs can perform consulting engagements to identify areas of non-conformance, and opportunities for improvement. For example, if you have ever had the opportunity to witness the workings of the investment committee of a small charitable organization or small business retirement planyou probably observed the lack of a structured process and defined steps for decision-making.
The AIFA assessment approach offers a unique method to voes bring structure and organization to a process that may otherwise be vulnerable to a rogue committee member or an overzealous investment service provider. For organizations confident in their compliance with a fiduciary standard stqnd care, those with an AIFA designation can provide an assessment that results in a Certification dhat Fiduciary Excellence. This certification can be used by the organization to demonstrate a high level of stewardship, which requires that the interests of those participants—potential donors, retirement plan participants, or other interested parties—be placed above the organization's own.
With more money than ever being entrusted to the fiduciaries of charitable endowments, retirement plans, and investment advisors, the public wants to know that its money is being prudently managed. Growing awareness of fiduciary duties spikes each time an egregious instance of fiduciary misconduct is uncovered—as in the case involving the Enron retirement plans. In the case of Enronfiduciaries—including what time are vce results released company's top executives and board of directors —failed to comply with their fiduciary obligations to put plan participants' interests above their own.
Among the many fiduciary failures documented by a lawsuit filed by the U. Department of Labor, they imprudently invested matching contributions in company stock, misled employees about the health of the company, and encouraged them to invest in more Enron stock, even as they knew the company was in decline. Through these and other actions they devastated their employees' retirement funds.
In response to the rising awareness of fiduciary duties, lawmakers passed the Pension Protection Act ofwhich shines the spotlight on fiduciary advisors, with provisions requiring annual audits by a prudent expert.
Growing public awareness, increased regulation, and the massive amount of money entrusted to fiduciaries have created the perfect storm for advisors who, via Shand and AIFA designations, can establish themselves as fiduciary experts. Senate Finance Committee. Accessed June 30, Centre for Fiduciary Excellenc. Department of Labor. Congressional Research Service. Financial Advisor. Financial Advisor Careers.
Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom doees any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification.
I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Financial Advisor Financial Advisor Careers. AIFAs identify areas of non-conformance and opportunities for improvement. Article Sources. Doex requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
You can learn more about the standards des follow in producing accurate, unbiased content in ddoes editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Articles. Read This First. Partner Links. Related Terms Fiduciary A fiduciary is a person or organization that acts on behalf of a person or persons, and is legally bound to act solely in their best interests.
What Is a Financial Advisor? What does a financial advisor do? Read what does aif stand for complete guide before hiring a financial advisor to ensure that you choose the best financial advisor for your specific needs.
Investopedia how to identify silver flatware part of the Dotdash publishing family.
Power of Attorney
19 rows · AIF Stands For: All acronyms () Airports & Locations (4) Business & Finance (18) . Mar 01, · The Center for Fiduciary Studies offers the designations of Accredited Investment Fiduciary (AIF) and Accredited Investment Fiduciary Analyst (AIFA). Jun 12, · The Accredited Investment Fiduciary ® (AIF ®) designation represents a thorough knowledge of and ability to apply the fiduciary Practices. Through fi's AIF Training programs, AIF designees learn Author: David John Marotta.
A written document in which one person the principal appoints another person to act as an agent on his or her behalf, thus conferring authority on the agent to perform certain acts or functions on behalf of the principal. Powers of attorney are routinely granted to allow the agent to take care of a variety of transactions for the principal, such as executing a stock power, handling a tax audit, or maintaining a safe-deposit box.
Powers of attorney can be written to be either general full or limited to special circumstances. A power of attorney generally is terminated when the principal dies or becomes incompetent, but the principal can revoke the power of attorney at any time. A special type of power of attorney that is used frequently is the "durable" power of attorney. A durable power of attorney differs from a traditional power of attorney in that it continues the agency relationship beyond the incapacity of the principal.
The two types of durable power of attorney are immediate and "springing. The second is intended to "spring" into effect when a specific event occurs, such as the disability of the principal. Most often, durable powers of attorney are created to deal with decisions involving either property management or health care. Durable powers of attorney have become popular because they enable the principal to have her or his affairs handled easily and inexpensively after she or he has become incapacitated.
Before the durable power of attorney was created, the only way to handle the affairs of an incapacitated person was to appoint a guardian, a process that frequently involves complex and costly court proceedings, as well as the often humiliating determination that the principal is wholly incapable and in need of protection. With a durable power of attorney, on the other hand, a principal can appoint someone to handle her or his affairs after she or he becomes incompetent, and the document can be crafted to confer either general power or power in certain limited circumstances.
Because no judicial proceedings are necessary, the principal saves time and money and avoids the stigma of being declared incompetent. All fifty states recognize some version of the durable power of attorney, having adopted either the UDPA or the Uniform Probate Code, or some variation of them.
Versions of the durable power of attorney vary from state to state. Certain powers cannot be delegated, including the powers to make, amend, or revoke a will, change insurance beneficiaries, contract a marriage, and vote. Insel, Michael S. Rains, Ramona C. The person receiving the power of attorney which means agent is "attorney in fact" for the person giving the power, and usually signs documents as "Melinda Hubbard, attorney in fact for Guilda Giver.
A power of attorney may expire on a date stated in the document or upon written cancellation. Power of Attorney A written document in which one person the principal appoints another person to act as an agent on his or her behalf, thus conferring authority on the agent to perform certain acts or functions on behalf of the principal. Further readings Insel, Michael S. Cross-references Living Will. West's Encyclopedia of American Law, edition 2.
Copyright The Gale Group, Inc. All rights reserved. Hill and Kathleen T. All Right reserved. By John Bouvier. Published Mentioned in? Legal browser? Air Air Pollution Air ticket unused, who pays? Full browser?