Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Louise F. Rogers, Chief, San Mateo County Health
Lisa Mancini, Director, Aging and Adult Services
Subject: Agreement with Prudent Investors for Financial Advisor Services
RECOMMENDATION:
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Adopt a resolution authorizing an agreement with Prudent Investors to provide financial advisor services for conserved clients of the Public Guardian and decedent estates of the Public Administrator, for the term of February 1, 2024 through December 31, 2026, in an amount not to exceed $300,000.
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BACKGROUND:
Aging and Adult Services (AAS) operates the Public Guardian (PG) program, which acts under the authority of the Superior Court to manage the estates of conserved individuals who are deemed by the court to be unable to care for themselves and/or manage their financial affairs. AAS also operates the Public Administrator (PA) program, which is regularly appointed by the Superior Court to administer the estates of deceased County residents when there is no one available to take on this responsibility. The PA's responsibilities include safeguarding, managing, and distributing the assets of such estates to heirs and beneficiaries. The financial advisor services required by the PG and PA include providing a wide range of investment options and information on the cost basis of assets for tax reporting, as well as preparing reports for AAS and the court to monitor client investments. For PG clients, the services also include financial and estate planning.
In 2023, the previous contractor informed AAS they no longer have the capacity to serve AAS client needs. As a result, in September 2023, a Request for Proposals (RFP) was issued to solicit proposals for financial advisor services, with three proposers responding. An RFP Evaluation Committee comprised of individuals from the AAS Administrative and Financial Services Unit, Health Administration, and...
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