A fiduciary is a person or organization that acts on behalf of another person, persons or entity, putting their clients’ interest ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary requires being bound both legally and ethically to act in the other’s best interest. Registered Investment advisors have a fiduciary duty to clients, whereas broker-dealers have to meet the less-stringent suitability standard. When hiring a Wealth Management team, it is imperative that you know and understand the obligatory standard held by the firm.
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