The fiduciary rule is a legal term that refers to a person who holds a position of trust and responsibility in managing assets or finances for another person. This individual has an obligation to act in good faith, with loyalty and honesty towards the person they are representing. In other words, a fiduciary must always put their client's interests first before their own.
The term "fiduciary rule" is often used in relation to financial matters such as investments or retirement accounts where an individual has been entrusted with managing another person's money. In this context, the fiduciary rule means that the person managing the finances must act in a way that benefits their client and not themselves.
In summary, the phrase "fiduciary rule" refers to a legal obligation for individuals who manage assets or finances on behalf of another person to always act in good faith with loyalty and honesty towards their clients.