A Custodian provides safekeeping of assets. In addition, they also provide account administration, record keeping, and statement & tax reporting.
My Take
One of the ways that Bernard Madoff was able to spoof investors is that instead of using a custodian to provide ligament statements, he provided his own falsified statements. Make sure your Advisor uses an independent custodial institution, and never write an investment check to your Advisor. Instead, investment deposits should go to your custodian.
