3ethos CEO Don Trone wrote for Financial Advisor magazine on how fiduciary regulations will lower the bar for true Fiduciary-Stewards.
"What's the difference between a fiduciary and a steward? Which defines a higher standard of care-a fiduciary standard or a stewardship standard? Will the answer to the last question change if or when the SEC imposes a uniform fiduciary standard of conduct?
I have always defined a fiduciary as a person who has the legal, moral or ethical responsibility for managing someone else's assets. I have defined a steward in a similar way, with the emphasis on morals and ethics. What both terms have in common is the concept of service to others above one's self-interest. The concept is based on principles.
Rarely have I used the term "steward" in my writings, though, because I viewed the two terms as synonymous. But that perspective is about to change."