Does a stockbroker/money manager have a fiduciary responsibility tonot disclose a client’s confidential information?
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Does a stockbroker/money manager have a fiduciary responsibility tonot disclose a client’s confidential information?
I thought I had a terminal illness and had my step-daughter (divorced from her mother years ago) as my beneficiary. Since I hadn’t heard from her in a long time decided to change to my brother. My 401k stockbroker/money manager had been married to my ex-wife’s sister (now divorced from her) and told my step-daughter about my illness. I never told him that he could or should. Is there a case against him for “overstepping” his fiduciary responsibilities – as to disclosure of (1) my medical condition, and (2) the fact that I was changing my beneficiary?
Asked on August 16, 2010 under Personal Injury, Arizona
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If a fiduciary relationship is found to exist between parties, the trusted party is indeed held to a higher that ordinary standard or "degree of care" and responsibility. Even though your relationship seems muddled in familial waters, it may have been a breach of his duty to advise what was going on with you financially to others. There exists in fiduciary relationships a component of confidentiality along with loyalty in representing you. Seek consultation from an attorney in your area regarding the matter and what your options are as to damages, etc. The matter is in most cases a tort but in some a breach of contract claim. Good luck.
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