In legal terms, a fiduciary is an individual or organization that has taken on the responsibility of acting on behalf of another person or entity with utmost honesty and integrity. Similarly, in the investment world, fiduciary financial advisors manage client assets with the clients’ best financial interests in mind.
Common Financial Terms, Explained
What is a fiduciary?
What is wealth management?
Wealth management is the highest level of financial planning services. Wealth management firms offer investment management and comprehensive financial advice. Wealth managers handle complex financial issues and coordinate financial experts on behalf of clients.
What is estate planning?
Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.