What term describes the obligations involved with managing other people's money?

The term that best describes the obligations involved with managing other people's money is fiduciary responsibility. This concept refers to the legal and ethical obligation to act in the best interest of another party. In the context of financial management, it signifies the commitment to handle funds or assets for another person or entity with the utmost care, loyalty, and good faith.

Fiduciaries are entrusted with the responsibility to manage assets, provide transparent information, and avoid conflicts of interest while making decisions that could affect the financial well-being of their clients or beneficiaries. This obligation is foundational in various financial roles, including but not limited to those of insurance producers, investment advisors, and trustees, ensuring that the needs and interests of the client are prioritized above personal or unrelated interests.