Think of a guardian. A fiduciary practitioner is the same thing. They are there to advise, look out for, and protect their client’s interests and wealth. Typically, a fiduciary practitioner prudently guards money or other assets for another person and places that person’s needs ahead of their own.
A fiduciary practitioner has a legal obligation to act trustworthy and honest on behalf of those they represent. He or she must provide the “highest standard of care”. This quote summarises it nicely:
[A fiduciary practitioner must conduct themselves] at a level higher than that trodden by the crowd and that the distinguishing or overriding duty of a fiduciary practitioner is the obligation of undivided loyalty.”
You have no doubt heard of the latest buzzwords like Insureretech, Fintech and Smarttech companies but, have you heard of Fidtech?
A Fidtech company, like Smartwill, makes fiduciary services available online to grow and safeguard the wealth of its clients in a seamless, secure and efficient way. Technology is used to capture, articulate and personally define a client’s estate according to their unique needs. This is especially important when it comes to the often-overlooked practice of creating a will.
Bunnies in a basket.
Most fiduciary ‘specialists’ don’t have the necessary skills and resources to accurately capture estates. With a Fidtech product like SmartWill the patience is limitless, and there is no time barrier. Clients can create a Will in their own space, at their own pace and have the particulars of their assets securely stored and easily accessible. Clients can update their Will as often as they like to ensure ‘all of their bunnies are in the basket’.
Technology mitigates risk. Fiduciary risk is the risk that funds are not used for their intended purposes, do not achieve value for money or are not adequately accounted for. With Fidtech one knows where funds have been allocated and used 100% of the time.
Fidtech companies mitigate risk and break down specific barriers, like time, that fiduciary practitioners cannot do. Fidtech services keep assets safe and assist in distributing them to ensure inheritances are not lost. With new Fidtech technology, wealth is preserved for generations to come.