Fiduciary Duties of Investment Advisers

The issue of regulation on the investment advisers’ fiduciary duties is becoming more acute in the context of the fast pace developing retail investment market. The relationship between an investment advisor and his clients contains a special element of trust - the client relies on the advisor's expertise and integrity. Thus, the investment advisor becomes the dominant figure of this relationship. The problem of fiduciary responsibility of investment consultants has been studied for a long time in the countries of Anglo-American law, but for Russia this topic is relatively new. The regulation on this area in Russia is just beginning to take shape. The author analyzes the practice of regulating the fiduciary duties of "classical" investment advisers and robo-advisers in the USA, China and Russia and attempts to Identify the main problems of such regulation.