Fiduciary

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Related to Fiduciary Responsibilities: Fiduciary relationship, fiduciary obligations, Fiduciary duties

Fiduciary

One who must act for the benefit of another party.

Fiduciary

1. A person appointed to handle another person's finances. A fiduciary holds the assets of another person and is required to act in the best interests of that person; he/she is not allowed to invest for personal profit. See also: Prudent person rule.

2. Describing a duty or obligation to act in the best interest of another person or institution. For example, an elected government might state that it has a fiduciary duty to wisely use the taxes it collects.

3. An unsecured loan.

fiduciary

A person, such as an investment manager or the executor of an estate, or an organization, such as a bank, entrusted with the property of another party and in whose best interests the fiduciary is expected to act when holding, investing, or otherwise using that party's property.

Fiduciary.

A fiduciary is an individual or organization legally responsible for managing assets on behalf of someone else, usually called the beneficiary. The assets must be managed in the best interests of the beneficiary, not for the personal gain of the fiduciary.

However, the concept of acting responsibly can be broadly interpreted, and may mean preserving principal to some fiduciaries and producing reasonable growth to others.

Executors, trustees, guardians, and agents with powers of attorney are examples of individuals with fiduciary responsibility. Firms known as registered investment advisers (RIAs) are also fiduciaries.

fiduciary

A person who enjoys a relationship of trust or confidence with respect to another such that the law will impose greater than normal responsibilities on the fiduciary for honesty, integrity,candor,and scrupulous good faith even if it means sacrificing the interests of the fiduciary. Typical fiduciaries include attorneys, real estate agents representing principals, trustees, and guardians. Because of the fiduciary relationship between an agent and principal, it is difficult to understand the concept of dual agency, in which the broker may represent both the buyer and seller.A seller's fiduciary must keep all the client's information confidential,not volunteer anything unless absolutely required by law, and attempt to gain the highest possible price for the property. A buyer's fiduciary must ferret out all secrets, volunteer all information regarding anything at all that might affect property values, recommend the most thorough home inspectors, and attempt to obtain the lowest possible price for a property. These positions are extremely difficult to reconcile in one person.

Fiduciary

One who acts for an estate or trust to manage the property of the estate or trust.
References in periodicals archive ?
The refusal to explore such a sale represents a breach of management's public promise and a possible violation of their fiduciary responsibilities.
New Offering Helps Trustees Fulfill Their Fiduciary Responsibilities in Maximizing the Business Assets for Heirs
The amendment to the Federal Organizational Sentencing Guidelines of 2004 ventures into unfamiliar territory for board members of organizations with ethics and compliance programs by adding oversight of the programs to an already-full plate, joining other board considerations such as confidentiality, time commitments, fiduciary responsibilities and avoidance of conflicts of interest.
We understand the increasingly complex fiduciary responsibilities faced by plan sponsors today and believe this distinctive, new program can help manage risk across the depth and breadth of a retirement plan's various components," said Scott Sleyster, Executive Vice President, Prudential Retirement.
Department of Labor is bringing its fiduciary seminar, "Getting It Right--Know Your Fiduciary Responsibilities," to Sacramento Dec.
Recent Meeting Topics: Executive Compensation, Sarbanes Oxley--Next Steps, Leadership in Turbulent Times, Diversity in the Workplace, Real World Tales of Fraud Encounters, Building a World-Class Brand, E-Business Transformations, Six Sigma Introduction at Lightning Speed, Trends in Health Care Costs, Central Florida Economic Health Report, Business & Technology Integration, Private Wealth Investing, Fiduciary Responsibilities under ERISA, Strategic Mergers & Acquisitions.
Chiang knows the tax code inside out, and has demonstrated a commitment to serving the public and honoring his fiduciary responsibilities to it.
The government has published a small business guide to compliance titled Meeting Your Fiduciary Responsibilities available on the Internet at www.
A duty to exercise due (professional) care in carrying out fiduciary responsibilities.