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As concern over data privacy and existing privacy regulations grows, legal scholars have proposed alternative models for data privacy. This work explores the impact of one such model---the data fiduciary model, which would stipulate that data processors must use personal information only in ways that reflect the best interest of the data subject---through a pair of user studies. We first conduct an interview study with nine mobile app developers in which we explore whether, how, and why these developers believe their current data practices are consistent with the best interest of their users. We then conduct an online study with 390 users in which we survey participants about whether they consider the same data practices to be in their own best interests. We also ask both developers and users about their attitudes towards and their predictions about the impact of a data fiduciary law, and we conclude with recommendations about such an approach to future privacy regulations.