nonfiduciary
No legal duty
Nonfiduciary describes a relationship or role that does not involve the legal duty to act in another's best interest.
A fiduciary—like a trustee or financial advisor—must put the client's interests first; a nonfiduciary has no such obligation.
The broker operated in a nonfiduciary capacity, meaning he could recommend products that benefited him more than the client.
Notice recommending action
- recommendationAdvised course of action
- guidanceAdvice for decisions
- suggestionIdea proposed for consideration
- voluntaryDone by choice
optional · discretionary · non-binding · consultative · preliminary · unofficial · casual · flexible
Adhering to requirements
- regulationOfficial rules governing conduct
- statuteEnacted written rule
- obligationRequired task or commitment
- standardLevel of quality accepted
liability · disclosure · contract · agreement · broker · agent · salesperson · suitability
advisory
Notice recommending action
- recommendationAdvised course of action
- guidanceAdvice for decisions
- suggestionIdea proposed for consideration
voluntary · optional · discretionary · non-binding · consultative · preliminary · unofficial · casual · flexible · unenforceable
compliance
Adhering to requirements
- regulationOfficial rules governing conduct
- statuteEnacted written rule
- obligationRequired task or commitment
standard · liability · disclosure · contract · agreement · broker · agent · salesperson · suitability · representation
nonfiduciaryfiduciary
Agent bound by loyalty
trustee · executor · conservator · fiduciary duty · custodial
confidence, confident, fidelity, bona fide, confide, confidential, infidelity, perfidy, affidavit