Hey Trustee, Is Your Financial Advisor a Fiduciary?

A fiduciary is a person, such as an attorney or trustee, who has a legal or ethical duty to act in the best interests of another person or group of persons.  For example, an attorney has a fiduciary duty to act in the best interests of the client, and the trustee has a fiduciary duty to act in the best interests of the beneficiaries of the trust.  Fiduciaries MUST NOT put their own interests ahead of the interests of the beneficiaries or clients, or they will be faced with legal and ethical problems, including civil liability and possible criminal penalties.