McFideo™ FIDUCIARYSurveillance™ is an exclusive, 100% independent, no-conflict-of-interest, expert-level investment, brokerage, bank, trust, IRA, ERISA, pension, non-profit, foundation and endowment, Coogan’s account protection, asset assurance and security service. McFideo™ and FIDUCIARYSurveillance™ by Chris McConnell, AIFA® offers 100% – principal attention to a limited number of clients to achieve unparalleled, comprehensive portfolio assurance, independent, expert fiduciary audit of any account, asset, adviser, anytime, anywhere and in any currency. It’s a fusion of over 35 years of experience in the financial services industry including 15 years as expert in fidtech including fiduciary, investment, securities, commodities, banking, compensation, accounting and tax matters, regulations, reporting and 2020 technology.
Fiduciary Expert, Chris McConnell, AIFA
McFideo™ with FIDUCIARYSurveillance™ identifies and protects assets, accounts and beneficiaries including non-profits such as charities, foundations and endowments against financial scams, Ponzi schemes, imprudent investments and advisers, banks, brokerage firms and or trust companies promoting or enabling them among other potential risks present and or threatening accounts.
In recent years we helped successfully settle two professional athlete’s cases against a major national bank, affiliated broker dealer’s sports and entertainment wealth management unit. Both athletes were led to believe they could trust and rely on the bank, the financial advisors and third parties to do the right thing. Unfortunately, both cases involved forgeries, identity theft, unauthorized account access, fraud, theft, embezzlement and breach of fiduciary duty amounting to multi-millions of dollars in losses and lost opportunity. Uncompensated for the thousands of hours, over several years stressed out and distracted by litigation away from their true-passion and means of earning a living; excelling at professional sports.
If you are a professional athlete, spouse, child or other family member it behooves you to check up on your financial accounts, loans and investments. The reality is the trust factor, combined with few professional athletes have “extra” time therefore it makes sense to consider an experienced, no – conflict of interest firm to review things from time to time; with an expert’s eye. Not checking up (and knowing all the right questions to ask and the full, complete, and true answers to those questions) tips off your financial advisors (that you may not know or not be paying close enough attention) that they can try and get away with just about anything, if not all of your money.
To state it more clearly in on the court or field sports terms, if you are on defense and you take your eye off your opponent you know what can happen, they see that you’re not watching them for even just a fraction of a second, then boom just like that, they score a touchdown or a bucket on you. Unless you know exactly how much in dollars (not just percentages) and exactly how your financial advisers are charging you, and whether or not they are prudently handling your accounts and investments; you are making a very risky assumption exposing you to career threatening and life-long negative consequences.
We offer a few suggestions when it comes to fiduciary duty and account management: First, bank investment and brokerage accounts and agreements (and typically any written or verbal agreement or deal such as a loan, partnership, LLC membership) allow a limited period of time to spot issues, and raise questions and concerns or file a claim about acount or investment or other account-related activity (such as unauthorized online access, issues with electronic signatures, account withdrawals or electronic funds transfers or check or linked credit card payments; delay may bar or limit potential legal claims. Secondly, mixing food, alcohol with fiduciary duty tend not to make a great combination. Avoiding the former while devoting time, care and attention to the latter is the job that requires focus; in the best interests of the instruments’ (trust, pension or 401k plan, charity, foundation or endowment) recipients of grants, services and or trust beneficiary/ies, while not forgetting remainderman. Last, interests (and potential benefits and potential conflicts of interest) of any and all third party agents and vendors can greatly benefit and simulaneously multiply the risks of the individual fiduciary and compound the risks for group of trustees, board members and investment committees. Example: we can, if we are careful drive a car at 70 mph, and it could help us arrive at our destination faster (a benefit), however at higher speed, the risks of 1) greater distance traveled during reaction time, 2) increased difficulty with vehicle control can and do lead to 3) accidents such as crashes, personal and property damage, disabiltity and deaths compared to driving at 60 mph.
Trustee Lessons for 2020
As trustee, board member or investment committee member: ask yourself and your group “what did my advisers do for me in 2019 and 2020 so far, and what do they expect to actually do FOR me (and my trust, IRA, ERISA pension plan and my foundation accounts) right now through the end of 2020 for me/us or not?”
“What am I being charged, how much have I paid?” (Get this information from your advisers in dollars and percentages). Have you actually sorted through and reviewed, monitored and supervised all your account, retainer agreements and terms of service (TOS) to make sure that all that should be done is actually and in fact accurate, completed on time, documented and demonstrates prudence?
The Lipstick Building, NYC Offices of Bernie Madoff, as of December 2008
Professional Athletes, Creative Artists, Entertainers, Non-profits, Charities, Foundations, Endowments
A brief note about blogging: We don’t blog much or post on social media. Why? It’s rather simple, you don’t get paid to read, research or analyze. We take care of the critically important things in our space and let you do your thing in your space.
August 23, 2020 Update: Since BEFORE the last financial crisis (in 2008) elevated risks remain: NOW IS A RED FLAG, TRUSTEES AND FIDUCIARY ACCOUNT ADVISORS SHOULD TAKE IMMEDIATE, PRUDENT STEPS TO PROTECT TRUST ASSETS AND TRUST BENEFICIARIES, THE URGENCY COULD SCARCELY BE MORE COMPELLING!
What does McFideo™ do for you?
McFideo™ protects your People | Pets | Property | Intellectual Property | Portfolio
Contact us here info@mcfideo.com or (310) 943 – 6509
All inquiries, referrals and engagements strictly confidential
McFideo™ and FIDUCIARYSurveillance™ are pending registered trademarks and patent submissions of Chris McConnell & Associates
© Chris McConnell & Associates 2009 to 2020 All Rights Reserved