What is a Fiduciary?
A fiduciary (fuh-doo-shee-eh-ree) is a person or organization that has a legal and ethical obligation to act in the best interests of another party when providing advice, managing assets, or exercising discretionary authority on that party's behalf.
The concept of a fiduciary isn't new, Cicero describes the need of a fiduciary during his oration for Sextus Roscius of Ameria: "...[W]e cannot do everything ourselves; different people are more capable in different matters ... [I]n cases where we ourselves cannot be present, the vicarious faith of friends is substituted; and [those] who impair that confidence, attack the common bulwark of all, and as far as depends on [them], distrubs the bonds of society."
As an Accredited Investment Fiduciary® (or AIF®) designee, Tim Schannep has completed specialized training focused on the principles of fiduciary responsibility. The AIF® designation provides a foundational understanding of fiduciary duty, standards of conduct, and a prudent process for carrying out fiduciary responsibilities when guiding and serving clients.
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