BUSINESS OF THE MONTH: CI FIDUCIARY GROUP- COURTNEY DE SOTO
Tell us about your company and what services you offer.
It’s fun to explain because not everyone knows what a fiduciary is, let alone how to spell it! I describe it as an umbrella term which encompasses various positions of trust and legal authority, including trustee, executer of a person’s will, Court-appointed administrator of a person’s estate, and Court-appointed conservator of a person and/or his or her estate. I step in and manage people’s medical, financial, legal, and other affairs by acting as a liaison between him or her and involved family and friends, and the various professionals providing medical treatment, day-to-day care, financial guidance, legal counsel, etc., when they are no longer able to manage these things for themselves. It’s a largely a decision-making role that may need to be filled where a person is mentally or physically incapacitated, or has died, and there’s a need for objective and efficient oversight and action on his or her behalf. Generally, my clients are older and have some form of dementia or Alzheimer’s, though occasionally they are younger people with mental illness, cognitive impairment and/or brain injury.
That’s amazing it’s probably good too if it’s a large family with a lot of different personalities in different situations, to have you there as a third party.
I handle a lot of cases where family dynamics are highly complex and contentious, and, oftentimes, that is the very reason a neutral, private professional like myself becomes necessary. I manage a lot of different personalities, and, though I can’t make everyone happy, I can act in the best interest of the incapacitated person from a well-informed and objective perspective.
What brought you into what you are doing now and how long have you been in the industry?
I have been working as a private professional fiduciary for five years, and I own Channel Islands Fiduciary Group. I previously worked as a Court Investigator for the probate judge here in Santa Barbara. In that capacity, I investigated people like me who had been appointed by the Court to manage the affairs of incapacitated, and often also elderly, people. I made home visits to oversee the fiduciaries’ work and ensure the conservatees’ well-being. I liked getting out there and checking in on these people - they are vulnerable and I think they are too often forgotten in our society. I enjoyed seeing them, but, legally, visits were only required about once a year. I wanted to get more involved, so I learned what the fiduciaries did by watching and talking with them. With the number of seniors growing exponentially, I recognized the need for more fiduciaries (there are only about six fiduciaries in town currently), and the match between that need and my interest, education and training. Before going out on my own, I networked with attorneys in the community because I knew that in order to be successful in this business, they would have to know and trust me, as referrals are mostly word-of-mouth, and it’s difficult to market a service that many people don’t know exists or fully understand.
I think it’s genius. I ran into this situation where it was a complicated family situation and I felt like there wasn’t really an advocate for the parents. Which was a hard position for me to be in I wish I would have known then about your services.
So many people tell me that, and it’s so true, but some people say “we don’t have that kind of family drama, so we wouldn’t need someone like you”. As unlikely as conflict and disagreement may seem, the reality is that these situations can be highly stressful and emotional, and appointing a neutral professional can help agreeable families stay that way! Also, while it may seem like a great honor to be appointed, it is actually a highly demanding job with a steep learning curve, and most people don’t have a lot of time and energy for responsibilities beyond their own jobs, families, etc. It gets even more complicated when responsible parties live out of the area and are unfamiliar with the laws, procedures, etc. It’s much more efficient for families to use someone like me who does this work on a regular basis and has established relationships with qualified, local professionals and vendors, and it can keep families united and focused on the well-being of their loved ones.
I feel like everyone has a story, whether its them or someone they know has an experience where maybe someone’s passed away and it rips the family apart. Maybe the estate planning wasn’t crystal clear or there’s a family member who changed it at the last minute or... I just feel like there’s horror stories.
What do you love most about your job?
This may sound silly, but I love my clients. I love checking in on them, especially if they spend a lot of time alone and bored. Some of them don’t remember who I am, but some do, and they are almost always very appreciative when they do. I appreciate them and I like getting to know them and helping them feel like they’re protected. I enjoy doing everything we do for them, and I have peace of mind knowing their money is safe and no one is taking advantage of them. Sometimes I see my clients more often than their own families do!
What makes you stand out from other fiduciaries?
I think there are a few reasons: 1. I have considerable experience, and a lot of working years ahead of me, so I am neither too green nor too near retirement. Often, I am close in age to my clients’ children, and this can be advantageous in that I will likely outlive my clients and therefore be able to carry out their wishes after they’ve passed. 2. I think my background in the legal and social spheres helps me navigate difficult family dynamics. 3. Fiduciaries have to have thick skins because they have to make significant, life-altering decisions, and not everyone will agree with all of them all of the time. A fiduciary can’t be indecisive. I have 47 unique client cases right now and there are so many decisions that have to be made on a daily basis that there is little time for indecision or in efficiency.