This is a question I never considered until I became a professional fiduciary. Put yourself in these "shoes" for a moment.
Imagine you cannot drive; get a little disoriented; your feet hurt but you do not want new shoes because you like your routine; and, wearing sandals in freezing winter is easier than going shopping for shoes. Online doesn’t work because you don’t own a computer. Also, you don’t know your current size or what will feel right. Who will do this for you?
My client is a dream - she is wonderfully wise and witty - but she suffers from mild cognitive impairment. She also needs a walker to help her maneuver after a recent fall and broken bones. She wants very few personal trappings and demands nothing. To make sure she is getting the type of care she needs, I sometimes have to imagine what she needs and then try it out with her to see if she’ll like it.
Money Well-Spent
Scanning the selection, I picked out a variety including some that were larger than her "size" - her feet have swollen a bit since she last bought shoes. Seven pairs came back with me. I removed the size tags and we played a little game. I played the part of a Nordstrom shoe sales person, she the picky customer. That pair was not cute enough. Those were too small (her size). Ah, these were just right. Almost. She said they were "ugly as sin but comfortable". She accepted only one pair because she knew her doctor wanted her to have them. Remember, she does not like to spend money on anything frivolous. Except for cigarettes and cookies.
She now wears these shoes daily and it always makes me smile to see them on her feet. After some delicate negotiating to determine her desires; obtain her needs; and finally, to handle tasks she can no longer handle for herself or is not even aware she needs, she now has a new routine which provides her with warmth and comfort.
Even with this "dream client" - it took over 90 hours at the beginning of my work during a six week period to travel to her location (I do not charge for this time); chase down income checks lost in the mail after her move; secure the home; provide the necessary paperwork to various agencies so I could do my job as her Power of Attorney; work out a monthly budget; pay her bills timely; secure and check her mail with her - sorting her personal mail, from junk, from necessary.
Oh, and find her some new shoes.
Good Judgment is Valuable
What are those 90+ hours worth to the person who is being served? They can mean the difference between hearing and not hearing; or the difference of a less stressful life due to less worry about how to handle the overwhelming details. Or even more crucially, persistent follow-up and attention paid on behalf of an ill or elderly person insures a better standard of care from everyone involved. Not everyone has family who can do this for them.
What are the alternatives? If these tasks were to be handled by the family attorney or a CPA, the hourly charge for these services would be unpardonable at the normal going rate for these professionals. On the other hand, the multitude and variety of tasks required do not fit into the job description or malpractice insurance of a bookkeeper. Many times the most cost-effective and safest solution is a professional, licensed fiduciary.
Angels Among Us
A professional fiduciary uses his or her best judgement to find the most cost effective way to serve a client - kind of like the CEO of a small company. Even routine tasks like bill paying need someone to make sure they are being done properly. If there are changes in the situation (as there will be) or conflict between adult children or a lack of communication from health care providers these require the professional fiduciary to use good judgement, re-evaluate and find new solutions that will serve the client.
So, if you hear negative stories or comments about fiduciaries, consider the source - a disgruntled, disinherited adult child perhaps? And think about the shoes. Imagine having to go out in the blustery cold on a shuttle bus in your sandals while using your walker; without your hearing aid (lost back at the skilled nursing facility). You already know you’ll be tired before you even find the right store. Maybe a few fiduciaries have erred in judgment, but most of us are a necessary and even sometimes wonderful source of protection - like guardian angels we are unseen protectors.
Merry Christmas to all and to all a good night!
