Final answer:
The fiduciary's duty of loyalty involves ensuring brokerage services provide the best overall value, not just the lowest cost. Additionally, it is false that proprietors in a proprietary colony had no responsibilities aside from collecting profits; they were responsible for the administration and governance of the colony.
Step-by-step explanation:
In response to the question regarding a fiduciary's duty of loyalty to beneficiaries, it's important to clarify that the fiduciary's responsibility involves much more than just seeking the least expensive brokerage costs. While minimizing costs is one aspect of acting in the best interests of the beneficiaries, a fiduciary must also ensure that the brokerage services they select are reliable, competent, and can provide the best overall value for the investment services needed. Just focusing on the lowest cost without considering the quality of service may not fulfill the duty of loyalty completely.
Now, addressing the statement about proprietary colonies: It is false that the proprietors of a proprietary colony had no responsibilities except to collect profits. In reality, proprietors were responsible for the administration of the colony, which included making laws, managing relations with Indigenous peoples, organizing defense, and overseeing the overall well-being and governance of the settlement. Essentially, they acted much like governors with a wide range of duties and responsibilities, far beyond just profit collection.