LIMITED POWER OF ATTORNEY - LPOA
A legal authorization that is limited to certain task or set of tasks but does not give general authority to a portfolio manager to perform on behalf of the client. Used in the professional money management field, the portfolio manager is allowed to do some functions in a client’s account like disbursement authority, have forms sent straight to broker (e.g. beneficiary change, cash withdrawals, or other major account actions), fee-payment authority, and trading authorization.
However, some critical account functions are only available to the client (account holder) such as beneficiary change, cash withdrawals, and other major account actions.
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