Registered Investment Advisors now have to perform as fiduciary professionals, which puts a new strain upon just what constitutes a “fiduciary.” There is no clear guidance other than to put our clients’ interests before our own. The Boy Scout oath and law include the words “mentally awake, morally straight, trustworthy, loyal, helpful, friendly, courteous, kind, thrifty, brave, and reverent…” among others. Then there’s the biblical injunction to “Do unto others what you would have them do unto you.” There is still some wiggle room within these words, so let’s look at “arrogate,” which is the verb upon which “arrogant” is based (from the Latin rogo, rogare which means to ask… like, “interrogate”). The definition of arrogate goes beyond mere ‘asking,’ towards “To appropriate for oneself presumptuously; claim, take, or assume without right.” That could make “fiduciary” clearer if we state that a fiduciary does not arrogate. True, it doesn’t roll off the tongue, but there is more heft in that statement than in our other descriptions of what a fiduciary should and should not do. And it applies to behavior we expect from advisors and politicians alike, don’t you think?
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