Fiduciary Duty

Definition

A legal obligation to act in the best interest of another person, rather than in one's own interest. Investment advisers typically owe fiduciary duties to their clients. The scope of who qualifies as an 'investment adviser' determines who owes such duties under federal law.

Examples

• •If the petitioner is deemed an investment adviser under the Act, he would owe fiduciary duties to his clients regarding investment recommendations

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