Types of Fiduciaries
A fiduciary can be a person or organization. They are legally and ethically required to put your interests ahead of their own. A fiduciary duty is foundational in professions that require a high degree of trust, such as law, medicine and financial advice. For example:
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Investment Advisers
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Attorneys
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Physicians
Investment Advisers
Investment advisers are held to a fiduciary standard under the Investment Advisers Act of 1940, given their important role in providing ongoing financial advice to clients. Investment advisers’ duties to clients include:
- Duty of Care: An investment adviser must always act in the best interest of their clients and in good faith.
- Duty of Loyalty: An investment adviser must place clients’ interests above their own and make full and fair disclosure of all conflicts of interest about their business. Investment advisers cannot mislead clients. This includes identifying and addressing all material conflicts of interest by eliminating or disclosing such conflicts.
Attorneys
Lawyers are fiduciaries who provide legal counsel to clients. In practice, this means lawyers must put a clientโs well-being first, avoid conflicts of interest, act within the law and keep all information confidential.
Physicians
Doctors also have a fiduciary obligation to patients. In the context of medicine, that means they must prioritize their patientsโ health and well-being over their own interests or those of others, provide patients with sufficient information to make informed decisions, keep patient information confidential, act with integrity and good faith and avoid conflicts of interest.
Take the Next Step
Understanding the role of fiduciaries is critical to making informed decisions about whom to trust with your financial and personal well-being. Whether they are investment advisers or physicians, fiduciaries are required to prioritize your interests and act with integrity, disclosing any conflicts of interest. By understanding their unique obligations, you can better identify professionals who align with your needs and values. At Fisher Investments, we always put clients first. Discover local representatives near you—and how they can help—today.
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*As of 6/30/2025
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