A Fiduciary is defined as a legal agreement between two parties (generally referred to as a “fiduciary” and a “principal”), whereby one party holds assets for the other with the legal right and responsibility to make decisions regarding financial matters on behalf of the other party. A fiduciary must uphold the highest standard of care to the principal and must not put personal interests before those of the principal.
In the financial services industry, it is common to refer to Financial Advisors, Bank personnel and Insurance professionals as fiduciaries. In truth, these professionals are responsible for the financial well-being of their clients, thus must put their clients’ interests before their own.
It is extremely important for these professionals to understand their fiduciary responsibility to their clients, and seek to receive continuing education and training to stay abreast of changing legislation and requirements in the industry.
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