The term "fiduciary standard" refers to a high level of care, loyalty and good faith that is expected when one party handles money or property on behalf of another. In other words, it means acting in the best interest of the person you are representing without any conflicts of interests. This standard is typically applied to professionals such as financial advisors, trustees, and lawyers who have a duty to act in the best interest of their clients or beneficiaries. Failure to meet this standard can result in legal consequences for the fiduciary.