Who is referred to as a fiduciary?

A fiduciary is defined as a person who is entrusted with property or a duty to act on behalf of another individual's interests. This relationship is based on trust and confidence, where the fiduciary is expected to manage the asset or duty responsibly and in the best interest of the person who has entrusted it to them.

In this context, the focus is on the fiduciary's responsibility to prioritize the beneficiary's needs above their own, ensuring that any decisions made are done with utmost care and loyalty. This concept is crucial in various fields, including finance, law, and insurance, where individuals or entities are given the authority to act on behalf of others, making ethical and informed decisions.

The other options, while they entail roles involving expertise or management, do not specifically capture the essence of a fiduciary relationship characterized by the duty of care and loyalty. A financial advisor provides advice but may not always be in a fiduciary role unless specifically obligated to act in the best interest of their clients. A bank managing investments can act as a fiduciary but does so under specific agreements that define their role. A real estate agent promotes property sales but does not inherently assume the same level of trust or responsibility as a fiduciary to their clients. Thus, recognizing the defined