Which of the following is an innate duty required of a fiduciary?

The duty to avoid all conflicts of interest is a fundamental principle governing fiduciaries. A fiduciary is someone who has the legal and ethical obligation to act in the best interests of another party, typically in a position of trust and confidence, such as a trustee, executor, corporate director, or financial advisor.

This duty of avoiding conflicts of interest means that the fiduciary must operate without any personal interest or outside influence that could impair their judgment or lead to a situation where their personal interests may conflict with their duty to the beneficiary. This requirement protects the rights and interests of those they serve, ensuring that the fiduciary makes decisions solely based on what is best for the beneficiary, without self-serving motivations or potential influences that could compromise their duty.

In contrast, promoting competition among clients or acting solely for one's benefit directly contradicts the fiduciary's responsibility. Disclosing personal opinions is generally relevant, but it’s not an innate duty required of a fiduciary in the same way that avoiding conflicts of interest is. Thus, understanding the paramount importance of avoiding conflicts highlights the essence of fiduciary duty.