Fiduciary
An individual/entity entrusted to act in the best interest of another.
Detailed Description
Fiduciary
What is the primary responsibility of a fiduciary?
The primary responsibility of a fiduciary is to manage and oversee the assets or interests of the principal with diligence and prudence.
What are some common types of fiduciaries?
Common types of fiduciaries include investment advisors, trustees, executors, attorneys, and corporate directors.
What is the 'Duty of Loyalty'?
The 'Duty of Loyalty' requires fiduciaries to prioritize the interests of the principal above their own personal interests.
What can happen if a fiduciary breaches their duty?
If a fiduciary breaches their duty, they may face legal consequences, including lawsuits and financial penalties.
How do fiduciaries differ from non-fiduciaries?
Fiduciaries are legally bound to act in the best interest of another, while non-fiduciaries are not obligated to prioritize the client's interests.