When we manage an account on a discretionary basis we are, by law, fiduciaries. A fiduciary is a person to whom property or power is entrusted for the ‚Ä®benefit of another; a fiduciary must act in the best interests of the person(s) bestowing this trust. This is also known as a “fiduciary duty”. While we always strive to act as a fiduciary, it is important to note that we are held to a higher standard, by law, than advisors who do not act in this capacity.