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WHAT DOES “FIDUCIARY” MEAN?

The word fiduciary derives from the Latin fiducia, meaning “trust” and it refers to the relationship wherein one person has an obligation to act for another’s benefit.

The “fiduciary” (“trust”) can be a person or a business that looks after the assets on the other’s behalf (“trustee”) and is expected to act in the best interests of the person/company whose assets they are in charge of. This is known as “fiduciary duty”. The “fiduciary” manages the assets for the benefit of the other person rather than for his or her own profit.