Graduate Student v. Professor Relationship

One thing that caught my eye today is what is the relationship that a faculty member should have with a graduate student. How much disclosure is necessary? How should faculty treat us and how we should treat them?

Obviously, Grad students are held on a higher playing field. They have already excelled in a Bachelors and possibly a Masters program, therefore it would be assumed that faculty could treat a graduate student more like a colleague. I do think there are limitations, due to the fact that some graduate students still do not have knowledge base that a professor might have. Therefore there is still an opportunity for a faculty to be a mentor

Therefore, it is probably best for a faculty if many things are disclosed. Personal life, work of other students, amongst other things. I believe that should not be revealed and that the work place should have a sort of level of silence, as to not cause further corruption or discrepancy in the department