Practice 1.2.3 calls for documents pertaining to the investment management process, including records of decisions made by fiduciaries, to be organized and retained in a centralized location. This location is known as a fiduciary file. An Investment Advisor should consider creating a fiduciary file to organize and integrate fiduciary best practices into their existing compliance requirements and other documents that govern the client relationship.
Meeting Minutes are recommended as one of the documents that should be included in a fiduciary file and should contain:
- Actions taken or agreed to be taken
- Next steps
- Voting outcomes – e.g., (if necessary, details regarding who made motions; who seconded and approved or via show of hands, etc.)
- Motions taken or rejected
- Items to be held over
- New business
- Next meeting date and time
In the Fiduciary Focus Toolkit™, we provide the ability to document Meeting Minutes and include them in your monitoring efforts.
Meeting Minutes can only be added after a Monitoring Report has been produced as a client ready deliverable.
You can follow the steps below to document Meeting Minutes in the Fiduciary Focus Toolkit:
- Select the appropriate client from the Clients tab under Book of Business.
- Navigate to the Monitoring Reports tab in the client.
- While the Monitoring Report has a Draft status, you are able to add/remove investments and attach investment changes prior to creating the client ready deliverable.
- While the Monitoring Report has a Client Ready status, you are able to edit Meeting Minutes
Meeting Minutes can be typed directly into the Fiduciary Focus Toolkit. The solution also allows for documents to be uploaded and included in this section.
Meeting Minutes can be produced as a stand-alone PDF document and any attachments can be downloaded for review at a later date. This can only occur when the Monitoring Report has been marked as complete and the quarter has been closed.
The Meeting Minutes will be included in the next quarter's Monitoring Report.