In 2006 the State of California enacted the Fiduciaries Act, which was meant to protect consumers from financial fraud, and abuse, by California Fiduciaries. A Fiduciaries Bureau was opened and Fiduciaries had to register, take classes, and become licensed by the Fiduciaries Bureau, a Division of the Calif. Dept. of Consumer Affairs. However, since 2006, Private Fiduciaries in California have been conducting a “Feeding Frenzy” with regards to fees charged to their elderly client’s estates, assets, etc., see Calif. 6th Cir. Court of Appeals recent decision. Furthermore, Norine Boehmer, president of the Professional Fiduciary Association of California is against the reduction of fees for fiduciary’s whom belong to her for profit organization.
Therefore, to to protect the consumer from further financial abuse by California licensed Private Fiduciaries, we urge State Senator Noreen Evans to submit legislation placing a cap on all licensed fiduciary fees in the State of California.