WordValefiduciary
a person legally bound to act in another's financial interest
In more detail
1. (noun) a person who is trusted to manage money or property for another person
2. (adjective) involving trust and confidence; requiring someone to act in the best interest of another person
Examples
- 1. The bank appointed a fiduciary to handle the estate of the deceased client.
- 2. Financial advisors have a fiduciary duty to put their clients' interests first.
How to use fiduciary
Fiduciary is a formal legal and financial term used to describe someone who has a legal obligation to act in another person's best interest, or the relationship itself. It emphasizes a position of trust with specific legal duties, common in contexts involving investment management, estate planning, and corporate governance. The term carries formal weight and is less commonly used in everyday conversation.
Common phrases
- fiduciary duty
- fiduciary responsibility
- fiduciary relationship
- breach of fiduciary duty
- fiduciary capacity
Synonyms
trustee · custodian · agent · representative · guardian
Word family
fiduciary (noun) · fiduciary (adjective) · fiduciarily (adverb)
A common mistake
Learners sometimes use fiduciary as a synonym for any trusted person, when it actually implies a specific legal relationship with enforceable duties, not just informal trust.
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