Glossary · concept
Fiduciary Duty
Also known as: fiduciary, fiduciary standard
- Definition
- A fiduciary duty is the legal and ethical obligation to act in the best interests of a client, above the fiduciary's own interests. In wealth management, fiduciary-tier advisors (RIAs in the US, fee-only IFAs globally) are contrasted with suitability-tier brokers who only need to recommend "suitable" products.
Singapore does not have a single explicit "fiduciary" standard analogous to US RIA fiduciary duty, but Singapore's Financial Advisers Act framework imposes statutory duties on licensed advisers including suitability assessments, conflict-of-interest disclosure, and client-best-interest framing. EAMs and fee-only advisers explicitly position around fiduciary-tier service. Distinct from FAA s23B restrictions on commission arrangements.
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