What Does It Really Mean to Be a Fiduciary? (Surprise, it's not about the money)
Let’s start with a clear definition of fiduciary . We often think about it in terms of finance and responsible money management. However, the term is more inclusive than just financials. The Merriam-Webster online dictionary has a specific “Did You Know” callout section with the following note on its page about fiduciary roles: “Fiduciary relationships are often of the financial variety, but the word fiduciary does not, in and of itself, suggest pecuniary ("money-related") matters. Rather, fiduciary applies to any situation in which one person justifiably places confidence and trust in someone else and seeks that person's help or advice in some matter.” [1] Building on this, Orgforward looks at the breadth of fiduciary capacity to include both the actor(s) and the obligation as follows:[2] Noun (the role) : a person entrusted with decision making authority over property, assets, or power and how they are used to benefit another Adjective (the capacity/responsi...