Fiduciary, expertise, attorney, licence, competency are all related, but not interchangeable. It never fails to surprise me how confusing the term "fiduciary" can be.
Many perhaps most think fiduciary requires "Expertise"
in many diverse areas. In fact you don't have to be an expert at anything to be a great fiduciary. An expert is someone with a great deal of knowledge about a particular and necessarily small subject. The smaller the subject the greater the potential expertise! Seldom does a fiduciary have the luxury of working in an area small enough to be fully covered by his personal expertise.
I’m over 60, with over 40 years in lending and real estate, I am indeed an expert in only one subject. If you'll check the glossary of any of my books you'll find I'm listed as the worlds greatest expert on the opinions of William J Archambault Jr! On other subjects I just hope to be well informed.
Because an "attorney at law" is always a fiduciary some think that being a fiduciary includes the power of attorney, they're wrong. Some people believe only an attorney or a real estate agent can be a fiduciary, they're wrong.
I have been honored/burdened to be "attorney in fact" as part of my fiduciary duties for selected clients over the years. "Attorney in fact" and "attorney at law" are all fiduciaries, but all fiduciaries are not attorneys! "Attorney in fact" and "attorney at law" are not the same although an "attorney at law" is the most common "attorney in fact."
All REALTORS® are real estate people, but all real estate people are not REALTORS®. Licenced real estate people used to be fiduciaries of the seller, then came agency, a choice and they could be fiduciaries of the buyer, too. Now days some honestly refute all fiduciary responsibility.
For the record, I'm not an "attorney at law!"
fiduciary requires total competency! Competency does not require expertise! You don't need to know all the answers to be competent! Competency requires you to know the questions!
requires you to ask the questions, and analyze the answers, from relevant experts.
is a contractual duty to a client! Fiduciary can be established in writing, orally, or legislatively.
is a duty, an honor, a privilege and a burden!
Fiduciary competent fiduciary is the reason a client trust you.
Fiduciary, Expertise, Attorney, Licence and Competency above all else requires you to become an expert on the needs and capabilities of your client.