The Fiduciary Duty

You’ve probably heard the phrase “_____ has a fiduciary duty” once or twice in your life. Blank could be a business, doctor, or even lawyer. A business has the fiduciary responsibility to make decisions in the best interest of shareholders. A doctor has a fiduciary responsibility to respect the privacy of their patients. And a lawyer has a fiduciary responsibility to remain loyal to their client. Essentially, the business world has a big responsibility for many ethical reasons.

The official definition of fiduciary duty is: the legal responsibility to act solely in the best interest of another party.

We as humans put trust into these entities/individuals. We expect them to keep our best interests in mind. Does this always happen? No, unfortunately.

Respect Ethics Honest Integrity Signpost Means Good Qualities
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As these individuals, or collective groups, make decisions and take on these roles, it is pertinent that they understand the “oath” they take to remain ethically driven. Because if not, their actions and words may become contradicting if they aren’t keeping this duty in mind.

And something to revel in within ourselves, is to question what OUR duty is. The job you hold, what is your duty to others? Even if it doesn’t seem as if there is a direct link, think about who you may affect from a larger perspective. A lot of things come full circle when you really think about it.

So, as you enter into the business world, remember that you will have a fiduciary duty in some way or another. And to be an ethical person, it’s essential to define and practice that responsibility.

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