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Wealth Professional | 12 Feb 2014, 11:17 AM Agree 0
One advisor suggests giving up your role as financial advisor to take over a client's estate.
  • Cameron | 12 Feb 2014, 03:17 PM Agree 0
    So did he DSC on the insurance side, and also collect executor fees?
  • Myron Neufeld | 12 Feb 2014, 04:47 PM Agree 0
    From our experience 2.5 years is about the norm. A critical issue with this is recognition as the 'personal representative' the buck stops with the executor regardless of agreements and contracts. If you are going to take on the executor role, do what the lawyers are doing when acting...insist that the estate purchase an executor liability insurance policy to protect yourself as executor in the case things don't go as planned....regardless of what you think you might know about the estate and the relationships you might have with the family. We decline about 23% of all applications for executor liability insurance because they come in 9-10 months after the executor assumes the role and after they are confronted with unhappy beneficiaries, creditors or even aggressive charities (the house is on fire!)
  • Ken MacCoy, CHS | 12 Feb 2014, 08:06 PM Agree 0
    Myron, thought I recognized your name. I agree 100% with your comments. If I'd been aware of the ERAssure plan prior to being appointed as Executor, I would have insisted on the coverage. To ensure no problems, the beneficiaries were involved in all aspects of the decision making and required to sign off before we proceeded. While a length process, it virtually guaranteed success. End result, all were happy. Ken
  • Ken MacCoy, CHS | 12 Feb 2014, 08:14 PM Agree 0
    A servicing agent is NOT paid commissions Cameron. Any commission &/or service fees remain with the writing agent. I was not paid nor did I charge a fee for any policy service.
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