A person or organization legally bound to act in another party's best interest, putting the client's needs above their own. Fiduciaries have the highest standard of care and must avoid conflicts of interest.
From Latin 'fiduciarius' meaning 'held in trust,' derived from 'fides' (faith or trust). The legal concept developed in Roman law where certain relationships required absolute trust and loyalty, with severe penalties for betraying that sacred bond.
A fiduciary relationship is like being someone's financial guardian angel - you're legally required to put their interests first, even if it costs you money! This is why fee-only financial advisors often provide better advice than commission-based ones who might have conflicts of interest.
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