Is Investment Researcher Morningstar a Palm Beach Trustee’s Best Friend?
A lot of wealthy Palm Beachers read the Wall Street Journal, www.wsj.com. The Journal seems to be mandatory reading for trustees and Palm Beach portfolio managers. But what about the individual trustee….. the retired executive who now lives in Jupiter and plays a lot of golf while watching his investment portfolio on CNBC www.cnbc.com? How about the Palm Beach County widow or surviving spouse who is now trustee of her husband’s $10 Million revocable trust in Boca Raton? Is an online subscription to Morningstar the way to go?
A Palm Beach Trustee’s Best Friend?
- Let’s say that you just found out that you are the successor trustee of a Delray Beach trust that has $ 3 Million in it
- You want to serve as trustee of the family trust
- What do you do?
- You might hire an investment agent under the Florida Trust Code and let a bank or trust company in Palm Beach or Palm Beach Gardens invest the trust assets
Q: But how will you satisfy the fiduciary duty to monitor that Palm Beach trustee?
Watching CNBC and reading the Journal is great…. I do it and it helps immensely with my West Palm Beach law practice which handles trust administration, investment and litigation. But that’s not enough. In addition to hiring a professional trustee in Palm Beach, Morningstar may be the way to go.
Morningstar, www.morningstar.com; https://www.facebook.com/pages/Morningstar-Inc/109453902414531
Morningstar, http://morningstar.com/?byrefresh=yes, is easy to use, full of lots of great information about more than just mutual funds.
- Morningstar has great commentary about the markets, world events, finance, stocks and sectors and industries. Insight a trustee needs.
- Q: Want to know what emerging market funds to consider buying? I was just online last night reading Morningstar.
- Q: Want to consider what bio tech funds may be a good buy now, since that industry is way off its highs? (You got it)…..