Fiduciary

A fiduciary is a person who occupies a position of trust in relation to someone else such that he is required to act for the latter's benefit within the scope of that relationship. In business or law, it generally means someone with specific duties, such as those that attend a particular profession or role, e.g., investment advisor or trustee. A fiduciary relationship must also have a dramatic difference in power between the two parties. This differential is often brought about by one party having a great deal more expertise. A fiduciary owes a duty of "utmost good faith".

Related Topics:
Business - Law - Profession - Investment advisor - Trustee

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