Does a stockbroker/money manager have a fiduciary responsibility tonot disclose a client’s confidential information?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 10 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption