Fiduciary duty is the responsibility that fiduciaries are tasked with when dealing with other parties, specifically in relation to financial matters. In most cases, it means that the duties involve a fiduciary overseeing the wealth of their clients, acting on the client’s behalf, and in their best interests. To better understand fiduciary duty, it’s first important to know what a fiduciary is. A fiduciary holds ethical and legal responsibilities to his clients a relationship that requires trust and prudence on the part of the fiduciary. Clients often entrust a significant amount of wealth to a fiduciary, whether it’s in the form of cash or other assets. Part of the fiduciary’s role is to act, always and first and foremost, in the best interest of his clients. In most cases, fiduciaries should not reap any direct financial gain from any of the decisions they make or the actions they take on behalf of their clients. If they do, it should be only with full consent from the client.
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