fiduciary responsibilities
Duty of loyalty
Fiduciary responsibilities are legal and ethical obligations to act in another's best interest rather than one's own.
The term applies to trustees, financial advisors, corporate board members, and others entrusted with managing someone else's money or affairs.
Fiduciary duties typically include loyalty, care, and full disclosure: The investment manager breached her fiduciary responsibilities by steering clients toward funds that paid her higher commissions.
- investment managementOverseeing financial portfolios professionally
- contract lawRules governing binding agreements
- trusteeshipFiduciary guardianship position
- securities lawRules governing tradable investments
- loyaltyFaithful commitment to another
best interests · prudence · board of directors · due diligence · integrity · power of attorney · confidentiality · legal obligation · guardianship · arm's length · accountability · corporate governance · duty of care · transparency · full disclosure · estate planning · retirement savings · diligence
fiduciary responsibilitiesself-dealing
Misusing fiduciary position
breach of trust · betrayal of trust · embezzlement · misappropriation · fraud
fiduciary responsibilitiesnegligence
Failure to exercise care
gross negligence · dereliction of duty · recklessness · malpractice · breach of duty
fiduciary responsibilitiesconcealment
Act of hiding something
deception · fraud · misrepresentation · nondisclosure · obfuscation
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