If you have agreed to work on behalf of someone in a situation where they place total confidence and trust in you, you have what is called a ‘fiduciary duty’ to that person.
In business, a fiduciary is a person, a bank, or an organization given the power and responsibility to act on your behalf in situations requiring total trust, good faith, and honesty. For example, corporate officers are fiduciaries for their shareholders, while lawyers and real estate brokers are fiduciaries for their clients.
Standard fiduciary services used in the Cayman Islands can include:
- Corporate Management
- Trust administration
- Nominee director/shareholder
- Investment fiduciary
Financial advice is purchased in one of three ways: advisory fees, commissions, or a combination of both. A fee-based compensation method ensures that fiduciaries fulfill their fiduciary duties always with your best interests in mind. They do not earn commissions or trading fees, and their compensation is independent of their investment recommendations, removing the risk of conflicts of interest between advisors and their clients.
It, therefore, makes sense that Cayman Islands fiduciary services should be considered whenever you need to place a great deal of legal and or financial trust in someone providing advice and conducting business on your behalf.
