noun / adjective
fiduciary
fih-DOO-shee-air-ee/fɪˈduːʃieri/
A person legally entrusted to act in another's interests, or relating to that duty.
The trustee owed a fiduciary duty to the beneficiaries.
Etymology
Latin fiducia meant trust and, in law, a right transferred in trust. A fiduciary duty makes that trust a legal responsibility to act for another’s benefit.
In context
The word fiduciary means a person of trust. So, like your broker has a fiduciary duty to you.
More examples
- She acted as a fiduciary for the estate.
- The complaint alleged a breach of fiduciary responsibility.
- A fiduciary must handle entrusted assets in another's interests.
Forms
fiduciary · fiduciaries
Similar words
- trustee
- A trustee is one kind of fiduciary; the broader term includes other entrusted roles.
- agent
- An agent acts for another and may have fiduciary duties depending on the relationship.