BC Advantage - 2024 Issue 5

Coverage Transparency and the Role of Fiduciaries

Investopedia states “A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients' interests ahead of their own, with a duty to preserve  good faith  and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other's best interests. A fiduciary may be responsible for the general well-being of another (e.g., a child's legal guardian), but the task often involves finances-for example, managing the assets of another person or a group of people. Money managers, financial advisors, bankers, insurance agents, accountants...

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