A Fiduciary Duty is the highest standard of care. We take this very seriously.
The person who has a fiduciary duty is called the Fiduciary, and the person to whom he owes the duty, is typically referred to as the principal or the beneficiary. If an individual breaches the fiduciary duties, he or she would need to account for the ill-gotten profit.
A Fiduciary Duty incorporates the below:
Duty of Care: This duty requires that Fiduciaries inform themselves prior to making a business decision, of all material information reasonably available to them.
Duty of Good Faith: Requiring the Fiduciary to advance interests of the principal, not violate the law, and fulfill his or her duties.
Duty of Loyalty: Fiduciaries are not permitted to use their position of trust and confidence to further their private interests.
Duty of Confidentiality: Fiduciaries must keep the principal's information confidential and not disclose it for their own benefit.
Duty of Prudence: Requires a trustee to administer a trust with a degree of care, skill, and caution that a prudent trustee would exercise.
Duty of Disclosure: Fiduciaries must act with complete candor or act in transparency.