Final answer:
A fiduciary institution's primary duty is the management and care of property for others. It acts as a trustee for its clients, making decisions and taking actions in their best interests.
Step-by-step explanation:
A fiduciary institution's primary duty is the management and care of property for others. It acts as a trustee for its clients, making decisions and taking actions in their best interests. This duty requires the fiduciary institution to prioritize the needs and goals of its clients over its own. For example, a financial advisor who manages a client's investment portfolio has a fiduciary duty to make investment decisions that align with the client's objectives and risk tolerance.
One example of a fiduciary institution is a trust company. Trust companies manage assets, such as money or property, on behalf of individuals or organizations. They are legally obligated to act in the best interest of the beneficiaries and ensure that the assets are protected and preserved.
Another example of a fiduciary institution is a pension fund. Pension funds manage retirement savings on behalf of employees. Their primary duty is to ensure the long-term growth and stability of the fund so that retirees can receive their promised benefits.