Types of agency 2

This brings us to the concept of a Fiduciary. When you enter into this agency relationship, you become a fiduciary to your principal. In plain English, this means you are in a position of absolute trust and confidence. It is the highest standard of care in the legal world. As a fiduciary, you must be totally loyal to your principal, even if it’s inconvenient for you. You have to put their financial interests above your own. You can't just be "good enough"; you have to be 100% on their team, guarding their secrets and fighting for their best possible outcome.Not all agents are created equal. In the business world, the law categorizes agents based on how much power they have and how long their authority lasts. The main difference essentially boils down to "scope." Some agents are hired to do just one specific thing, while others are hired to handle an entire area of a person's life or business on an ongoing basis.