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A fiduciary is someone legally and ethically bound to act in your best financial interest, putting your needs before their own.
In Depth
When someone acts as a fiduciary, they have a special relationship of trust and confidence with you regarding your money. This means they must avoid conflicts of interest and disclose any potential biases. Their advice and actions must always be solely for your benefit, not theirs, ensuring transparency and integrity in their recommendations.
Example
A financial advisor who is a fiduciary must recommend investments that are best for your retirement goals, even if it means they earn a lower commission.