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fiduciary
(redirected from fiduciaries)

    Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia 0.04 sec.
Fiduciary
1. A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his or her own profits.

2. A loan made on trust rather than against some security or asset.

Notes:
1. Children or elderly people typically need a fiduciary. The person who looks after the assets on the other's behalf is expected to act in the best interests of the person whose assets they are in charge of. This is know as "fiduciary duty".

Fiduciary
One who must act for the benefit of another party.
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.
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However, by having to wait for the IRS to issue a Compliance Statement, the process of fully protecting the plan and the fiduciaries can take an extended period of time.
DOL update: changes to Voluntary Fiduciary Correction Program expands ... by Bennett, Stephanie / California CPA
The common thread running through all is that fiduciaries have discretionary authority over another's money, property, or other assets, and a legal duty to act in a manner that benefits the other person, or organization.
What is your fiduciary IQ? by Schirick, Edward A. / Camping Magazine
Fiduciaries are required to perform professional or other services with all of the expertise, loyalty and due care that they possess.
Fiduciary responsibility and opportunity by Gray, Robert L. / The Tax Adviser
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