A Fiduciary is someone held both ethically and legally responsible for making decisions that reflect the best interests of another. A financial advisor who is held to a fiduciary standard is required to act in the best interests of their client at all times. An advisor of a Registered Investment Advisor (RIA) is likely to be a fiduciary, while an advisor at a brokerage firm or insurance company often is not a fiduciary. When hiring a financial advisor, you should always ask if they are a fiduciary and required to act in your best interest at all times.
