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Fiduciary Responsibilities Quiz

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Questions and Answers

Who can act in a fiduciary capacity to another party?

A pension plan manager

A corporate trust company

A bank's trust department (correct)

A financial adviser

Which one of the following is a key characteristic of a fiduciary?

They hold a legal or ethical relationship of trust with one or more parties (correct)

They provide aid, advice, or protection to another person

They are responsible for managing money or assets for another person

They act in a position of vulnerability

Which of the following are considered fiduciaries under applicable statutes and laws?

Financial advisers

Financial planners

Asset managers

All of the above (correct)

What does good conscience require a fiduciary to do?

Act solely for the benefit and interest of the person who entrusted funds to them Signup and view all the answers

In a fiduciary relationship, what does one person do in relation to the other?

Seeks aid, advice, or protection Signup and view all the answers

Which of the following is the primary responsibility of a fiduciary?

Managing money or assets for another person Signup and view all the answers

Who can be considered a fiduciary under applicable statutes and laws?

All of the above Signup and view all the answers

What is the role of a corporate trust company in a fiduciary relationship?

Acting in a fiduciary capacity to another party Signup and view all the answers

What is the requirement of a fiduciary in a relationship?

To act at all times for the sole benefit and interest of the one who trusts them Signup and view all the answers

Which one of the following professions is considered a fiduciary?

Financial planner Signup and view all the answers