Which of the following is a primary fiduciary duty owed to a client by a licensee in Nova Scotia?

• A. Loyalty, confidentiality, disclosure of material facts, accounting for funds.
• B. Loyalty, obedience, confidentiality, disclosure of material facts, accounting for funds, and reasonable care and skill.
• C. Honesty, transparency, and advertising restrictions.
• D. Confidentiality and leaving all decisions to the client.

Answer: (B)

In Nova Scotia, a licensee’s fiduciary duties to a client are all about acting in the client’s best interests and handling the client’s affairs with trust and competence. That suite includes loyalty (putting the client’s interests first and avoiding conflicts of interest), obedience (following lawful client instructions), confidentiality (protecting the client’s private information), disclosure of material facts (telling the client what is known and could affect their decision), accounting for funds (properly handling and reporting client money and keeping trust accounts separate), and exercising reasonable care and skill (providing competent, professional guidance). This combination makes the stated choice the best because it covers the full set of duties expected of a licensee.

Other options fall short because they either omit one or more of these fiduciary elements, or they focus on aspects that aren’t fiduciary duties (for example, advertising restrictions are regulatory requirements, and leaving all decisions to the client ignores the licensee’s obligation to provide informed guidance and professional judgment).