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| Fiduciary |
| Essentially, a fiduciary is a person or organization that owes to another the duties of good faith and trust. The highest legal duty of one party to another, it also involves being bound ethically to act in the other's best interests. A fiduciary might be responsible for general well-being, but often it involves finances – managing the assets of another person, or of a group of people, for example. Money managers, bankers, accountants, executors, board members, and corporate officers can all be considered fiduciaries. |
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| Breaking it Down: |
| A fiduciary's responsibilities or duties are both ethical and legal. When a party knowingly accepts a fiduciary duty on behalf of... Read More |
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| Fiduciary Negligence |
| A professional malpractice in which a person fails to honor his or her fiduciary obligations and responsibilities. Read More |
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| Prudent Expert Act |
| A measure contained in section 404(a)(1)(B) of the Employee Retirement Income Security Act (ERISA) that requires the fiduciary of a defined contribution retirement plan to use "care, skill, prudence and diligence", and to act in the same way that someone "familiar with such matters" would act. Read More |
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| Prudent Investor Act |
| A U.S. law that sets the standard of fiduciary duty for those entrusted with the responsibility of managing others' money, such as trustees and estate administrators. Read More |
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