Do you provide fiduciary services and need to be licensed?
As of January 1, 2009, fiduciaries appointed by the courts or hired by individuals or families in California must hold a valid license as a professional fiduciary unless specifically exempt under State law. The Professional Fiduciaries Bureau is a State agency created in 2006 under the Department of Consumer Affairs to license and regulate professional fiduciaries in California.
Who must be licensed?
- A conservator or guardian for two or more people.
- A trustee or agent under durable power of attorney for healthcare or finances for more than three people.
Who is exempt from licensing?
Some professionals who perform fiduciary duties working within their scope of practice are exempt from licensing. They include:
- Certified Public Accountants
- Enrolled agents for the Internal Revenue Service
- Broker-dealers and investment advisers
- Employees of the following:
- Trust companies
- Institutions insured by the Federal Deposit Insurance Corporation
- Corporations regulated by the Securities and Exchange Commission
- Public offices or public agencies
What are the requirements to apply for a license?
- Meet the education and experience requirements.
- Complete 30 hours of pre-licensing education given by a provider approved by the Professional Fiduciaries Bureau.
- Submit a completed application, including information on conviction, bankruptcy, and breaches of fiduciary duties.
- Pay the $400 application fee.
- Supply fingerprints to the Department of Justice for a criminal background check.
- Consent to a credit check for the application review process.
When do I take the exam?
After the Bureau determines you are eligible to take the exam, you register for the exam with the Center for Guardianship Certification. Go online to www.guardianshipcert.org, or call CGC at (717) 238-4689 for more information about the exam.
After you pass the exam, you must submit the license fee to the Bureau to receive your license.
Where do I find out more about a career as a fiduciary?
Contact the Bureau or one of these professional groups:
- Professional Fiduciary Association of California
- Center for Guardianship Certification
- National Guardianship Association
How do I stay informed about Bureau activities?
Join the Bureau's interested party mailing list.
How do I report something to the Bureau?
To report unlicensed activity or financial elder abuse or to file a complaint, contact the Bureau by mail, e-mail or phone.
Professional Fiduciaries Bureau
P.O. Box 989005
West Sacramento, CA 95798-9005
Phone: (916) 574-7340
Fax: (916) 574-8645