Which situation would NOT typically trigger a conflict of interest concern for a fiduciary?

Using a reputable brokerage despite higher fees does not typically trigger a conflict of interest concern for a fiduciary because the focus is on the legitimacy and credibility of the brokerage rather than solely on cost. Fiduciaries are obligated to act in the best interest of their clients, prioritizing quality and reliability of services over minimizing expenses. Choosing a reputable brokerage can ensure that the fiduciary is providing value through trustworthiness, established relationships, and potentially better outcomes for the client.

In contrast, retaining stock in an estate trust, implementing an employee fee reduction policy, and trading exclusively through in-house brokers can raise potential conflicts. Retaining stock can lead to self-dealing scenarios, where the fiduciary's interests may conflict with those of the beneficiaries. Implementing a fee reduction policy for employees might create bias in favor of certain clients over others. Trading exclusively through in-house brokers can suggest a preference for in-house services that may not always align with the best interests of clients, particularly if it results in higher costs or lower returns.