Definition - What does Fiduciary Relationship mean?
A fiduciary relationship is one where the trust and confidence that is extended is more than that which is normally extended in the marketplace. It signifies that the transactions between a fiduciary and the beneficiaries are more serious and at a higher level than a normal consumer type of service, such as plumbing, due to the level of trust that has to be established between the players.
Justipedia explains Fiduciary Relationship
The concept of fiduciary relationship recognizes that one person is instilling their utmost trust in the other person to act in their best interests. The fiduciary has all the power to ensure the success of a transaction, but could also create an unstable or situation that is not beneficial for the parties involved if they did not do their utmost to ensure the success of their responsibility.
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