What is a Fiduciary Standard? As per FI360, an investment fiduciary is someone who is managing the assets of another person and therefore stands in a special relationship of trust, confidence, and/or legal responsibility. The Prudent Practices represent a standard of excellence that can be the foundation of the trust placed in them by investors.Each Practice represents a distinct obligation in the fiduciary standard of care as defined in applicable laws, regulations, case law precedent, and/or best practices. Adopting the Practices into your own investment processes can mitigate compliance risk, improve efficiency and effectiveness, and distinguish your reputation as a fiduciary specialist. FI360 Handbook When working with a financial professional, it is important to understand that different, established standards - the rules in which financial professionals must operate - apply depending on the different advice you may be receiving. In other words, some advice will require a fiduciary standard, while other advice may require a best interest or suitability standard. Most often, the applicable advice standard depends on the financial products or services being discussed.