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TERM OF THE DAY

Fiduciary Essentially, a fiduciary is a person or organization that owes to another the duties of good faith and trust. The highest legal duty of one party to another, it also involves being bound ethically to act in the other's best interests. A fiduciary might be responsible for general well-being, but often it involves finances – managing the assets of another person, or of a group of people, for example. Money managers, bankers, accountants, executors, board members, and corporate officers can all be considered fiduciaries. Term Of The Day Selected By Lawrence Sprung President Mitlin Financial Inc. Hauppauge, NY http://www.mitlinfinancial.com/

Breaking it Down: A fiduciary's responsibilities or duties are both ethical and legal. When a party knowingly accepts a fiduciary duty on behalf of... Read More