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What Is the Difference Between a Breach of Fiduciary Duty and a Breach of Contract? - Transcript

Contract and breach of fiduciary duty can be related a contract is any agreement between two people that agreement could be a agreement for discretionary management of an investment account in those cases that would be a contract where the broker or investment advisor would be a fiduciary so you know breach of contract could be anything it could be any agreement between parties I told you and we had an agreement that I would never invest in XYZ Corporation but the broker or investment advisor did that’s an agreement and if it’s been in writing in any way even if it’s just in emails that’s something that’s enforceable now fiduciary duty well it can arise by contract can also arise by operation of a statute so the investment advisors act uh of 1940 creates a fiduciary duty between a client an investor and a registered investment advisor and state blue sky laws tend to have the same sort of fiduciary duty associated with the relationship between an investment advisor and an investor now and your ordinary brokerage agreement you’re not necessarily there’s not necessarily A fiduciary duty however it could arise by the manner in which the advisor and the investor interact with one another but they are now guided in brokerage Relationships by a standard called best interest standard and there’s a new law since June of 2020 called regulation best interest that is akin to a fiduciary duty but maybe not exactly the same.

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