Question

• What is Fiduciary Responsibility?
• I read at one point the question, "Is Inside Job accurate?" was the most searched question on Google for a period of time after the documentary was released. Do you feel the film was a fair depiction of the systemic destruction of the Financial Markets in 2008?
• Did this documentary raise your level of awareness?

Answer 1

A):-Fiduciary Responsibility

-"someone who acts in utmost good faith, in a manner they believe to be in the best interest of the client"
-one party (principal) relies upon and trusts another (fiduciary) to provide services
-agent: legally obligated for skilled diligence and keeping loyal, update to principal
-principal: charged with knowledge of agents activities, even if agent failed to communicate.

B) Examples of Fiduciaries

Trustee, Solicitor, Director, Principal, Partner, Doctor or Priest.

C) Fiduciary duties

1) Accounting:

One of the fiduciary duties; involves the proper handling of the funds of clients.

2) Care:

One of the fiduciary duties. Because of this duty, licensees are expected to fully use their skills and best efforts to benefit their client.

3) Confidentiality:

One of the fiduciary duties. Because of this duty, the agent must keep confidential anything the client wishes to keep secret.

4):Disclosure:

One of the fiduciary duties; requires licensees to tell clients of pertinent and important facts and information.

5)Loyalty:

One of the fiduciary duties; putting the clients needs and interest above that of your own as an agent.

6) Obedience:

One of the fiduciary duties; requires agents to do as the client (legally) wishes.

7) Limited or Dual Agency:

This occurs when one agent represents both parties in a transaction.

8) Minimum Service Law:

Laws that require certain duties to be completed by licensees in minimum service agreements.