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A fiduciary duty is a legal or ethical relationship of confidence or trust between two or more parties, most commonly a fiduciary or trustee and a principal or beneficiary. In a fiduciary relationship, one person justifiably reposes confidence, good faith, reliance and trust in another whose aide, advice or protection is sought in some matter. In such a relationship good conscience requires one to act at all times for the sole benefit and interests of another, with loyalty to those interests.
An advisor with fiduciary responsibilities is held to a higher ethical standard and should have the knowledge to provide sophisticated wealth management services and advice. Registered Investment Advisors are licensed to provide ongoing financial advice.