Fiduciary

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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 ?
If costs are incurred prior to the directors' approval, however, it would seem that those costs could be deductible under the fiduciary responsibility theory.
It is an honor to take on this fiduciary responsibility, and we consider it a testament to our firm's integrity," noted Evelyn Leonard, vice president and general counsel of Levin Management.
Does it confuse the issue of fiduciary responsibility to shareholders with the issue of day-to-day control?
The panel, entitled " Exploring Compliance and Fiduciary Responsibility in a Post-Madoff World," is scheduled to take place today at 3:15pm PST at The Ritz Carlton Laguna Niguel in Dana Point, California.
Plan sponsors can assign fiduciary responsibility to New England Retirement Consultants for the management and operation of the sponsored retirement plan.
He hired an attorney on a contingent fee basis to sue the bank and its successor, Mitsubishi Bank, for willful interference with the employment contract, attempting to induce him to breach his fiduciary responsibility and firing him for refusing.
In an effort to assist employers, plan officials, service providers and others in complying with the fiduciary responsibility, reporting and disclosure requirements of the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor (DOL) adopted two employee benefit plan correction programs--the Voluntary Fiduciary Correction Program (VFCP) and the Delinquent Filer Voluntary Compliance Program (DFVCP).
It's the right thing to do when you have a fiduciary responsibility,'' said Burbank Schools Superintendent Gregory Bowman.
Keeping abreast of the nature of fiduciary duties and some circumstances where courts have determined that CPAs had a fiduciary responsibility to their clients will help you stay out of hot water.
Yet that same medical director, using that same judgement, could as easily be said to be exercising her fiduciary responsibility by declaring that her company will not pay for that episode of care due to specifications of the contract that governs the encounter.
CIEBA members represent 150 corporate pension plan sponsors that collectively have fiduciary responsibility for more than $900 billion in pension plan assets.
PITTSBURGH -- Fiduciary360[TM] (fi360), an organization promoting a culture of fiduciary responsibility and improving the decision-making processes of investment fiduciaries, will provide on-going services to OppenheimerFunds, Inc.