What is a fiduciary?

A fiduciary manages assets for the benefit of another person.  A fiduciary must act in the best interests of this other person.  A fiduciary must put the interests of this other person ahead of his or her own interests. A fiduciary has a duty not to be in a situation where personal interests and his or her  fiduciary duty conflict, a duty not to be in a situation where one fiduciary duty conflicts with another fiduciary duty, and a duty not to profit from his or her fiduciary position without knowledge and consent.  A fiduciary is held to a higher, stricter standard of behavior than many other financial professionals.