Fiduciary refers to a legal and ethical relationship of trust between two parties, where one party (the fiduciary) is entrusted with the responsibility of acting in the best interest of the other party.
The fiduciary is designed to ensure that clients receive objective, unbiased advice and that their best interests are protected throughout the advisory relationship.
There are several types of fiduciaries, each associated with specific roles and responsibilities, including Financial Fiduciaries, Legal Fiduciaries and Corporate Fiduciaries.
Fiduciary duty is the legal and ethical obligation to act in the best interests of another party. It involves a high standard of care, loyalty, and the avoidance of conflicts of interest.
Various individuals, such as beneficiaries, investors, and shareholders, rely on fiduciaries to act in their best interests and ensure responsible management of their assets or interests.
Fiduciary have different ways of charging. Some charge a flat fee range of $2,000 to $7,500 per year, while others charge a percentage of the client’s assets, often from 0.25% to 1% per year.
To find a fiduciary, individuals can seek recommendations from trusted sources, conduct thorough research, and consider factors such as qualifications, experience and reputation.