Merely Fiduciar y
MERELY
FIDUCIARY
By Donald B. Trone, GFS
I
’d like to propose the following exercise: Consider
the following five words which we often associate
with a fiduciary standard of care: Stewardship,
Loyalty, Leadership, Governance and Trust.
Like the steps to a building, how would you arrange
these words in ascending order? Which word would
you put at the base, the top, and in between? What is
the hierarchy of these five terms?
Not an easy task, is it?
Before I give you my answer to the hierarchy, a little
background: I credit the origins of this article to John
Taft. John is the great grandson of President William
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