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 ?
Get Focused--a step-by-step guide that outlines some of the steps plan sponsors may need to take to fulfill fiduciary responsibilities, when they need to be taken, and what support The Principal provides.
We believe that this is a very manageable situation and have indicated that we will comply with our legal and fiduciary responsibilities where any issues of potential conflict are being considered.
Nickel, stated that its total claims against PURE, which include allegations for (i) breaches of Nickel's exclusive rights to commercialize Axen, an Axenohl derivative, (ii) breaches of PURE's agreement not to compete in the US and in Europe, (iii) and breaches of PURE's fiduciary responsibilities in the management of a joint venture, and (iv) other direct contract claims, exceed EUR 38.
DES MOINES, Iowa -- The Principal Financial Group Provides White Paper from Noted ERISA Expert to Help Financial Professionals Navigate Fiduciary Responsibilities
The merger of Advicon with Investment Scorecard is really a win for our clients and those entities with fiduciary responsibilities for trust owned life insurance.
Rather, working closely with its financial and other advisers, this Board has met and will continue to meet its fiduciary responsibilities in seeking to maximize long-term shareholder value.
Only such an auction is consistent with the MCI Board's execution of its fiduciary responsibilities and in the best interests of all involved.
The refusal to explore such a sale represents a breach of management's public promise and a possible violation of their fiduciary responsibilities.