What is typically included in a fiduciary's obligations?

A fiduciary's obligations primarily involve acting in the best interest of the party they represent, which encompasses a duty of loyalty and a duty of care. This means that a fiduciary is required to prioritize the interests of their client or beneficiary above their own and to perform their duties with a high standard of diligence and care. This could include making decisions that benefit the client, providing accurate and timely advice, and ensuring that they do not engage in any conflicts of interest that could undermine the trust placed in them.

In contrast, maximizing personal gain from business operations would conflict with the fundamental principle of putting the client's interests first. Advising on legal interpretations only does not capture the full scope of a fiduciary's duties, which extend far beyond simply providing legal advice; these duties require a broader commitment to the client’s overall best interests. Maintaining client confidentiality is important and a key aspect of a fiduciary's obligations, but it is not absolute and must be balanced against other legal or ethical duties that might arise, meaning it cannot be held as an obligation "at any cost." Thus, the focus on acting in the best interest of the party they represent encapsulates the essence of fiduciary responsibilities.