KXLY April 21, 2021 1:00 PM Kat Tretina - Forbes Advisor Posted: Updated: April 21, 2021 7:06 PM Fiduciary duty is the requirement that certain professionals, like lawyers or financial advisors, work in the best financial interest of their clients. U.S. law dictates that members of certain professions who are doing business for certain clients be bound by fiduciary duty. Let’s take a closer look at fiduciary duty, what a fiduciary is, which professions commonly have fiduciary responsibilities and which types of financial advisors are actually fiduciaries. What Is a Fiduciary? A fiduciary is someone who manages property or money on behalf of someone else. When you become a fiduciary, the law requires you to manage the person’s assets for their benefit—and not your own.