Broken Trusts

The California Legislature designed the Professional Fiduciaries Bureau to stop abuse and insider dealing plaguing the industry, giving agency the responsibility to license fiduciaries, enforce the law and uphold ethical standards.

Two decades later, an investigation by CalMatters shows how the agency has failed to fulfill its vital promise to protect Californians, even as the state’s population ages.

It hasn’t stopped conflicts prohibited by its own code of conduct or outrageous behavior by California fiduciaries, frustrating desperate families trying to protect their loved ones and hold on to their family wealth. The information it maintains on fiduciaries is often kept secret or is sometimes inaccurate, giving the people who rely on the industry little information about who they should — and shouldn’t — trust. The agency operates largely on an honor system, leaving it to fiduciaries to report publicly whether they’ve been removed from a case for misconduct.