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 ?
Costs directly related to defending corporate policies or fulfilling fiduciary responsibilities do not give rise to any long-term benefit or other capital asset and therefore should be deductible.
"An individual in whom another has placed the utmost trust and confidence to manage and protect property or money." (Definition of a Fiduciary) One of the most important responsibilities of association leaders is in the area of fiduciary responsibilities. ADHA Executive Director Ann Battrell, MSDH, explained to the attendees that if they serve as an officer/director (which includes trustees) of a component or constituent organization, they have fiduciary responsibilities.
2036(a)(1) argument as "conceptually unsound." It ruled that the terms "enjoy" and "enjoyment" as used in various estate tax statutes, "are not terms of art, but connote substantial present economic benefit." It noted that the power to liquidate or merge is not a present benefit, but merely a "speculative and contingent benefit which may or may not be realized" In addition, the power to influence personal compensation (and continued employment) was constrained by the boards' fiduciary responsibilities.
The DOL program, called "Getting It Right--Know Your Fiduciary Responsibilities," will provide employers and plan officials with an understanding of the law and the responsibilities which focus on steps to avoid the most common problems encountered in enforcement activities.
* The Ethics Committee will review the case of any member who is convicted of a misdemeanor with respect to their fiduciary responsibilities, or pleads guilty to such an offense to determine what, if any, action should be taken concerning the member's status in the Board.
It's true that complying with local regulations and knowing the investment environment are essential to carrying out fiduciary responsibilities, and a local representative is best at handling those aspects of pension-fund management.
Fiduciary responsibilities are another source of confusion, with nearly 20% of plan sponsors saying they are unhappy with the level of fiduciary support they've received.
Plan sponsors can also look for an amendment to the DOL's qualified default investment alternative (QDIA) regulation, which provides relief from certain fiduciary responsibilities for fiduciaries of participant-directed individual account plans.
Many plan sponsors and their employees may not be familiar with their fiduciary responsibilities regarding employee benefit plans.
The DOL is holding nationwide seminars to improve workers' health and retirement security by educating employers and service providers about their fiduciary responsibilities under the Employee Retirement Income Security Act.
For example, under 29 USC Section 1101 (a), ERISA's fiduciary responsibilities do not apply to:
It focuses on the effective execution of key leadership, management, and fiduciary responsibilities.