In a new article on the Uniform Power of Attorney Act, adopted by the National Conference of Commissioners on Uniform State Laws, Financial Advisor magazine interviewed Michael Hackard for his analysis of its safeguards against elder financial abuse. Financial Advisor is the premiere publication in America for wealth advisors, financial planners, independent broker-dealers, and investment professionals, and it reaches a monthly audience of 110,000 qualified readers.
The magazine's Juliette Fairley spoke with Michael for a California perspective on the new guidelines (which have not been enacted here). The Uniform Power of Attorney Act goes into force on January 1st, 2018, and its purpose is to protect the finances of vulnerable elders by introducing new accountability procedures for guardians, fiduciaries, and individuals named as power of attorney. Another encouraging aspect of the act is its emphasis on ensuring the rights of heirs and beneficiaries. As of this writing, the act has the power of law in four states and has been introduced into two plus the District of Columbia. Among key points of Michael's interview:
If a financial advisor's client has been named a power of attorney or plans to name a power of attorney, it would behoove the advisor to look at the new authorities that are granted under the new uniform act even if they live in a state that has not yet adopted it.
Michael Hackard provides regular consultation to financial advisors and investment professionals on managing assets for senior clients, and he is grateful to speak with a prominent magazine like Financial Advisor and share his analysis with its audience.