What is a Fiduciary?
Simply put a Fiduciary must act in a client’s best interest at all times. Fiduciaries must show due diligence in whatever recommendations they make and ensure their recommended plan in always in the client’s best interest. They are required to be transparent about fees involved with their recommendations.
Those who do not work to the Fiduciary standard are only held to a suitability standard. This means that their advice only needs to be suitable for your situation and not necessary what is in your best interest.
If you are paying an Advisor for Financial Advice, you want someone who puts your interests first, instead of their own. Being a Fiduciary is the highest legal duty of one party to another and it is an important consideration when selecting a Financial Advisor.