CTFA Practice Questions - Certified Trust And Fiduciary Advisor (CTFA) Exam

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A bank serves as directed trustee while an outside adviser has exclusive authority over investments. Which statement BEST describes the bank's role?

The bank automatically becomes the primary investment adviser The bank has no fiduciary duties once investment authority is directed elsewhere The bank may rewrite the trust if it disagrees with the direction holder The bank generally follows authorized directions on investments but still must perform its assigned administrative duties and act within governing law

Correct Answer:

The bank generally follows authorized directions on investments but still must perform its assigned administrative duties and act within governing law

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