fiduciary standard

The fiduciary standard is a legal and ethical obligation for certain professionals, such as financial advisors and trustees, to act in the best interest of their clients. This means they must prioritize their clients' needs above their own and avoid conflicts of interest. Unlike other standards, where professionals might only need to provide suitable advice, fiduciaries are required to protect their clients’ interests, offering unbiased guidance and full disclosure of any potential risks or fees involved. Essentially, it ensures that clients receive honest and responsible advice that promotes their financial well-being.