What term describes a person or institution responsible for managing the money and financial affairs of another?

The term that describes a person or institution responsible for managing the money and financial affairs of another is fiduciary. A fiduciary has a legal and ethical obligation to act in the best interest of the person or entity they are managing the affairs for. This relationship is built on trust, and the fiduciary must adhere to a high standard of care and accountability.

In financial contexts, fiduciaries often include roles such as financial advisors, estate executors, or trustees, who handle assets or investments on behalf of others. Their decisions should reflect the best interests of those they represent, prioritizing the beneficiaries' needs and goals above their personal interests.

Understanding the concept of fiduciary duty is crucial, as it encompasses legal responsibilities and ethical considerations, creating a framework within which the fiduciary operates. This ensures that the individual or institution is held accountable for their actions and decisions regarding the management of another's financial matters.