What are fiduciary duties?

Fiduciary duties include the duty of loyalty, duty of care, duty of good faith, duty of confidentiality, duty of prudence, and duty to disclose. The duties performed by a fiduciary can vary based on the services they provide. What is a fiduciary in simple terms?

Who benefits from fiduciary duty?

A person who is bound by the requirements of fiduciary duty is known as a fiduciary, and the person who benefits from fiduciary duty is referred to as a beneficiary. U.S. law and standards of professional conduct oblige fiduciaries to exercise a high standard of care, loyalty and honesty in providing services to their clients and stakeholders.

What are examples of fiduciary duty?

Lawyers advance the interest of their clients, financial advisors get the best investment returns for your goals and corporate executives manage public companies for the benefit of their shareholders. These are all examples of fiduciary duty, the legal and ethical obligation for professionals to act in the best interest of their clients.