Q: Does fiduciary duty flow to a beneficiary of an IRA that was held in an advisory account in Connecticut?
This case involves GSB Wealth Management in Connecticut and Fidelity Investments, corporate headquarters in Boston.
Your question cannot be answered appropriately without more information--such as whether the owner of the IRA is alive or not. Generally, banks and all other financial institutions have a fiduciary relationship with (owe allegiance to) all their customers--and are required by law to do the right thing whenever making important decisions affecting them.
In most cases the beneficiaries of an irrevocable trust are covered; however, that may not be true in the case of any kind of financial accounts or instruments--especially when the account owner or payee is still living.
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