Fiduciary Financial Advisor
What is a fiduciary? A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties. Typically, a fiduciary prudently takes care of money or other assets for another person.
Fiduciary investment advisors are have the power and responsibility of acting for another in situations requiring total trust, good faith and honesty.
Common fiduciary financial advisors include attorneys, accountants, business advisors, fee-only financial advisors and registered investment advisors, real estate agents acting on your behalf, estate administrators, guardians, title companies, and trustees of a trust.
When you're the beneficiary of a fiduciary relationship, you give that fiduciary trust company discretionary authority over your assets. So a fiduciary management company can buy and sell securities in your account on your behalf without needing your express consent before each trade. Because fiduciaries have this discretionary authority, they're held to a higher standard than non-fiduciary advisors.