A financial advisor taking on the position of executor does not violate FINRA policies, but it is still a responsibility that he or she should be cautious about undertaking. There are many firms that might have their own policies against advisors serving as executors so it might be a good idea to call a compliance officer. According to National Compliance Services Attorney Alan Foxman taking on the position of executor is a potential “minefield” that advisors should think twice about. It is important to note that an executor and trustee is not the same thing and the tasks involved with being an executor require a lot of work and headaches. There could also be additional expenses and fiduciary responsibilities that the advisor would have to take on.
See Andrew Shilling, Understand the Challenges of Being an Executor, Financial Planning, August 30, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
