Asked in Securities Law for Florida

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.

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1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
  • Tallahassee, FL
  • Licensed in Florida

A: 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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