the.com/fiduciary
Someone legally required to put your money ahead of their yacht.
means A person or institution legally and ethically bound to act in someone else's best financial interest rather than their own.
from From Latin 'fiducia,' meaning trust or confidence, itself rooted in 'fidere,' to trust. The word entered legal English in the 1700s to describe relationships — like trustee and beneficiary — built entirely on that trust, where one party holds power over another's money or property and is bound by law to use it faithfully rather than selfishly.
- origin
- latin fiducia, meaning trust
- legal bar
- higher than mere advice, it is loyalty
- not everyone
- most financial salespeople owe you no such duty
- breach penalty
- lawsuits, not just bad reviews