Are You a Fiduciary?

What Does Fiduciary Mean?
1. A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his or her own profit.

Investopedia explains Fiduciary
1. Children or elderly people typically need a fiduciary. The person who looks after the assets on the other’s behalf is expected to act in the best interests of the person whose assets they are in charge of. This is known as “fiduciary duty”.
Source: Investopedia.com

A person is a fiduciary of any employee benefit plan to the extent that the person exercises discretionary authority or control respecting management of such plan or management or disposition of its assets. Neither title nor office controls the legal designation of fiduciary. However, some positions, such as plan administrator or trustee, may require any person who holds them to perform defined fiduciary functions and thereby undertake fiduciary status.