Fiduciary

As a noun, a fiduciary is an executor, trustee, and agent under a power of attorney. It may be colloquially understood as someone who manages property or money for someone else. Fiduciary may also be used as an adjective as in, “fiduciary duty” – to describe the legal and/or contractual nature of a relationship. In the context of describing a duty, the Consumer Financial Protection Bureau states that this includes four primary mandates:

• Make decisions in the best interest of the person or estate you’re serving
• Use care in your handling of obligations and decision-making
• Keep all managed assets separate from your own
• Maintain thorough and reliable records