Fiduciary

(redirected from fiduciary duty)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.
Related to fiduciary duty: Fiduciary Responsibility

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 ?
So, as far as I can tell, a broker's breach of their CFP fiduciary duty probably isn't going to surface.
Claimant) claims that (defendant) breached a fiduciary duty [he] [she] [it] owed to (claimant) and was damaged as a result.
Feeley held that a managing member of a second LLC could be personally liable for the first LLC's breach of fiduciary duty.
In the case of a qualified retirement plan, the fiduciary must be aware of actions that might indicate others breached a fiduciary duty, such as:
Breach of fiduciary duty sometimes involves harmful interference by the fiduciary with the beneficiary's personal or proprietary interests.
In the course of its decision, the Supreme Court discussed what it referred to as the "'fair treatment' component" of the fiduciary duty and asserted that the fiduciary duty to act in the best interests of the corporation "comprehends a duty to treat individual stakeholders affected by corporate actions equitably and fairly.
But see Dowell at 691, 652 NE2d at 1379 ("something more than mere status as a shareholder in a closely held corporation is required to impose a fiduciary duty on a shareholder").
Investment advisors for regulated mutual funds have always had a fiduciary duty with respect to the mutual funds they advise.
The Fourth Circuit, hearing the case on appeal, agreed with the district court, holding that [section] 502(a)(2) concerns breaches of fiduciary duty that harm the entire plan, not individual participants in the plan (LaRue v.