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fiduciary (fidoo´shēerē),

n a person who has a duty to act primarily for another's benefit, as a trustee. Also, pertaining to the good faith and confidence involved in such a relationship.
References in periodicals archive ?
Plan fiduciaries are increasingly demanding fiduciary investment services because they are concerned with the potential remedies available to plan participants, including their liability to cause plan fiduciaries to restore any losses due to excessive fees suffered by plan participants.
Plan fiduciaries have much less liability in the 3(38) relationship, as they delegate the fiduciary risk associated with fund selection and the duty to monitor fund performance and expense and retain only the duty to monitor the 3(38) advisor.
3(21) Investment Fiduciary Services: The Pros and Cons for 401(k) Advisers," InvestmentNews, Apr.
Plan fiduciaries have become acutely aware of their fiduciary risk and that they need the requisite level of expertise and protection.
Primarily, it seeks to establish a functional basis for understanding the fiduciary concept and the resultant duties accompanying the relationships that may appropriately be described as fiduciary.
Commentators in jurisdictions like Canada, the United States, England, Australia, and New Zealand routinely discuss the fiduciary concept in relation to a wide variety of scenarios.
With the perception of uncertainty surrounding the fiduciary concept, it should hardly be surprising that fiduciary principles are often misapplied.
There are practical reasons why fiduciary principles continue to be utilized despite this lingering uncertainty.
Since 2010, when it initially proposed revising the five-factor definition, the DOL has taken the position that this definition is too narrow in today's world, allowing many advisors to effectively provide advice without having to answer to ERISA's fiduciary standard of care.
Context of Advice - As with the old fiduciary rule, the DOL's new rule provides that a person furnishing "investment advice" for compensation will still be viewed as a fiduciary.
Content of a Fiduciary "Recommendation" - In addition to looking at the context of the advice, it is also necessary to examine the nature of the advice, to determine if it is fiduciary advice.
First, fiduciary advice includes recommendations on the advisability of investing in a security or other investment property.