Franco / Salvation Army Guy is on Nostr

Bitcoin Educator, Trusted Professional, Local Volunteer.

Last Notes

2024-03-23 01:03:32

Everybody wan go Zapathon, nobody wan meet Zappa.
https://m.primal.net/Hnan.jpg

2024-02-18 18:56:26

No one deserves the power to create money for free that another man has to work for.
Governments have abused this privilege to benefit the few at the expense of the masses.
Bitcoin fixes this.
It's time to separate
money and state.
https://m.primal.net/Hdcp.jpg

2024-02-13 16:59:25

- reply

This is the way.

2024-02-13 16:58:03

The Opposite of Fu*k up the Money, Fu*k up the World is:
Fix the Money Fix the World.
https://m.primal.net/HcXL.png

2023-10-12 17:58:07

All wars are bankers wars.
https://www.youtube.com/watch?v=sIE84LWvqU8

2023-10-12 17:24:45

User
what is the difference between fiduciary and custodial
ChatGPT
Fiduciary and custodial are two different terms used in the context of financial management, particularly when it comes to managing assets on behalf of someone else. Here's an explanation of the key differences between the two:
Fiduciary:
Legal Responsibility: A fiduciary is a person or entity that has a legal obligation to act in the best interests of another party, known as the beneficiary or client. This duty is often referred to as a "fiduciary duty."
Decision-Making: Fiduciaries are typically responsible for making financial decisions on behalf of the beneficiary. These decisions should prioritize the beneficiary's best interests and not the fiduciary's personal gain.
Types of Fiduciaries: Examples of fiduciaries include financial advisors, investment managers, trustees, and executors of wills. These individuals or entities manage investments, estates, or assets on behalf of others and are held to high ethical and legal standards.
Custodial:
Safekeeping of Assets: A custodian is an entity, such as a bank or financial institution, responsible for the safekeeping and administration of assets, but they don't make investment decisions on behalf of the client.
Asset Protection: Custodians hold and safeguard assets, such as stocks, bonds, or cash, on behalf of clients, ensuring that the assets are protected and accounted for. They may also process transactions and settlements.
Limited Decision-Making: Custodians don't typically have discretion over how the assets are invested or managed. They follow the instructions of the client or their appointed fiduciary.
In summary, the main difference between fiduciary and custodial roles is that fiduciaries have the legal responsibility to act in the best interests of their clients and make investment decisions, while custodians are primarily responsible for the safekeeping and administration of assets, following the instructions of the client or fiduciary. Often, these roles can overlap, with a fiduciary hiring a custodian to handle the safekeeping and administrative aspects of managing a client's assets.
User
which one of these has more resposibility to the client and why
ChatGPT
In terms of responsibility to the client, a fiduciary typically has a higher level of responsibility compared to a custodian. This heightened responsibility is due to the fiduciary duty, which is a legal and ethical obligation to act in the best interests of the client. Here's why fiduciaries have more responsibility:
Fiduciary Duty: Fiduciaries are legally bound to put the client's best interests first. This duty is often described as the highest standard of care in the financial industry. Fiduciaries must make decisions that are solely for the benefit of the client, even if it means forgoing personal gain.
Decision-Making Authority: Fiduciaries are typically granted decision-making authority over the client's investments and financial matters. They are expected to make informed and prudent decisions that align with the client's financial goals and risk tolerance.
Ongoing Monitoring: Fiduciaries are responsible for continuously monitoring the client's financial situation and adjusting their strategies as necessary to adapt to changing circumstances.
Full Disclosure: Fiduciaries are also required to provide full transparency regarding fees, conflicts of interest, and any potential risks associated with their recommendations.
Custodians, on the other hand, are responsible for the safekeeping and administrative aspects of managing a client's assets but do not make investment decisions. Their responsibility is primarily focused on asset protection, record-keeping, and executing transactions based on the client's or fiduciary's instructions. While custodians play a crucial role in ensuring the security and accuracy of financial assets, their primary duty is not to make investment decisions or provide personalized financial advice.
Overall, the fiduciary's responsibility to the client is greater because they have a legal and ethical obligation to act in the client's best interests and make decisions that align with the client's financial goals. This heightened responsibility is intended to ensure that clients receive the highest standard of care and protection for their financial well-being.
User
so what you're saying is that people that use a fiduciary are more likely to be irresposible and think it's better for them to trust someone else with there financess rather take self custody of there own money.
ChatGPT
No, that's not what I'm saying. The choice between using a fiduciary or managing your finances independently is a personal decision that depends on various factors, including your level of financial expertise, time availability, and individual preferences. Here are a few points to consider:
Expertise: If you have a high level of expertise in financial matters, you may feel comfortable managing your own finances. On the other hand, if you lack financial knowledge, a fiduciary can provide valuable guidance.
Time and Interest: Some individuals have the time and interest to manage their own finances and investments. Others may prefer to delegate these responsibilities to a professional, freeing up their time for other pursuits.
Complexity: The complexity of your financial situation plays a role. Simple financial situations can often be managed independently, while more complex ones, involving investments, tax planning, and estate planning, may benefit from professional assistance.
Fiduciary Trust: Working with a fiduciary doesn't mean you're irresponsible. It's a way to ensure that the person or entity managing your finances has a legal obligation to act in your best interests. Many people choose fiduciaries to have peace of mind and professional guidance.
Diversification: A fiduciary can help you diversify your investments and make well-informed decisions, potentially reducing risks and enhancing returns.
It's essential to make the choice that aligns with your financial goals and your comfort level with managing your finances. Some people choose to handle their finances independently, while others prefer to work with a fiduciary or financial advisor to benefit from their expertise and to have someone they can trust to act in their best interests.
The key is to be informed, whether you choose self-custody or work with a financial professional, and to ensure that your financial decisions align with your objectives and risk tolerance. There's no one-size-fits-all answer, as it varies from person to person.
User
By putting someone else in charge of my money wheather it is Fiduciary or Custodial am I not risking losing my money by putting trust in someone else.
ChatGPT
When you entrust someone else, whether it's a fiduciary or custodian, with the management of your money or assets, there are inherent risks involved. However, these risks can be managed and minimized through careful selection, due diligence, and ongoing oversight. Here are some key considerations:
Risk of Mismanagement: There is a risk that the person or entity managing your finances may make decisions that result in financial losses. To mitigate this risk, it's crucial to choose a reputable and competent professional or institution with a track record of sound financial management.
Conflict of Interest: Conflicts of interest can arise, especially if the advisor or custodian benefits from certain financial products or services. Fiduciaries are legally obligated to put your interests first, but it's essential to be aware of any potential conflicts and address them.
Fraud and Misconduct: In rare cases, individuals or entities entrusted with your money can engage in fraudulent activities. It's important to perform background checks and verify the credentials and reputation of your financial professionals or institutions.
Diversification: Regardless of whether you manage your finances independently or use a professional, it's important to diversify your investments to spread risk. Diversification helps reduce the impact of a poor decision by a single manager.
Ongoing Monitoring: Regularly monitor your investments or assets and stay informed about the decisions made on your behalf. Maintain open communication with your fiduciary or custodian and ensure you understand the strategies being employed.
Legal Protections: Make sure your money is protected by appropriate legal and regulatory safeguards. For example, custodians should have insurance in place to protect your assets.
Insurance and Contracts: Consider using insurance products or contracts that protect your investments or assets in case of unexpected events.
It's important to strike a balance between trust and prudence. While there are risks associated with entrusting your finances to someone else, working with a reputable fiduciary or custodian can provide expertise, professional guidance, and peace of mind. It's essential to do your due diligence, maintain open communication, and be actively involved in overseeing your financial affairs, regardless of whether you choose to manage them yourself or with professional assistance.

2023-07-13 23:41:52

XRP is the Feds Ecoin
https://youtu.be/1ee-cHbCI0s

2023-07-09 14:48:45

#note1jjv…c09r Eloncoin

2023-07-09 03:12:57

Bitcoin. That's it.

2023-07-07 14:04:38

Hey Nostr
Here's a friendly reminder to live life to the fullest, to persist in the pursuit of dreams, and to maintain hope even in the darkest of times.

2023-07-06 12:53:00

Good morning world

2023-03-06 13:43:21

- reply

Ethereum is the mother asshole from which all shitcoins spew from.

2023-02-26 21:22:27

Covid was was a Marketing Campaign by big Pharma to sell vaccines. The Ukraine war is a Marketing Campaign by the military industrial complex to sell weapons.
https://images.app.goo.gl/Gh4m44MMZ6HG9H3t9

2023-02-26 02:51:09

JUST IN: SEC Chair Gensler confirms "everything other than #Bitcoin " is a security.
https://twitter.com/bitcoinmagazine/status/1629573858104582144?s=46&t=GB2Rhk4ocqaUtAdI8zFRHQ

2023-02-26 02:28:31

https://media.tenor.com/qZB1_RBX9gEAAAAC/bitcoin-crypto.gif

2023-02-26 02:23:53

This app is pretty cool

2023-02-26 00:36:32

Countries all over the world are frantically printing money to buy bitcoin. But there will come a time when they will no longer be able to buy bitcoin with money. They will have to earn it.