How does a professional fiduciary manage money?

A professional fiduciary appointed as a conservator will typically open a designated conservator account at a bank. This is an account that can be used to pay ordinary expenses such as residential care fees, utilities and other bills for the ward. If the ward has significant assets, the fiduciary may also open an investment account to conservatively manage the ward’s funds at a rate higher than a bank account. The fiduciary is bound by the prudent investor rule, which means that he or she cannot invest the ward’s assets in any way that would pose an unreasonable financial risk to the ward.