A fiduciary is an expert in the services provided. So a fiduciary has a legal responsibility for your welfare.

• fiduciary has scope to exercise some power or discretion
• fiduciary can unilaterally exercise of power or discretion in a way that affects the beneficiary’s legal or practical interests
• the beneficiary is vulnerable to or at the mercy of the fiduciary

An agent has a position of financial trust and must

• act in your best interest
• avoid conflicts of interest
• protect your privacy and confidentiality

Advisors licensed to sell life insurance have a legal responsibility for your welfare for the services they provide because they have more knowledge and expertise than you do regarding insurance.

An advisor is required to

• advise honestly and in good faith
• disclose the potential or real conflicts of interest
• perform duties
  • diligently
  • competently
  • professionally
  • maintain confidentiality

Fiduciary Duty

• you expect your advisor to act on your benefit
• your advisor has legal responsibility for your welfare for the services provided
• responsibility of confidentiality and trust since the advisor has more knowledge and expertise about insurance than you do
• creates a fiduciary relationship between the parties, as with
  • lawyer/client
  • doctor/patient
  • parent/child

This brief summary cannot capture the variations for

• different designations
• different jurisdictions

This is primarily for residents of Ontario, Canada.