What is a Fiduciary?

Investopedia defines the word Fiduciary as, “A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his or her own profit.” There is a lot to learn from this simple definition of a fiduciary from which we all can benefit. It is unfortunate that in today’s world, it has become really hard for people to trust another person with their money and be confident that this person will have their best interests at heart. However, if fiduciaries act the way they are supposed to, then this trust can definitely be back. Fiduciaries must place the best interests of their clients at heart. They should be the ones helping their clients understand the markets and take pride in helping them build their assets. We advise our readers to make sure that they are working with such a person if they wish to make the most out of professional wealth management. We also advise to always prefer advisors who work on a fixed dollar fee model as it takes out conflict of interests and you can be sure that the person managing your wealth has your best interests at heart.