Fiduciary fi·du·ci·ar·y, noun
From the Latin fiducia, meaning “trust”, a person or business who has the power and obligation to act for another under circumstances which require total trust, good faith and honesty – Dictionary.law.com
For an advisor, being a fiduciary means that they act in the best interest of their clients. While you may assume that every advisor or broker works as a fiduciary, that’s not the case. Many won't accept, or are not allowed (by their employer) to accept a fiduciary responsibility. Think about that. If your interests are not first, who’s are?
Advisors & brokers that are not fiduciaries only have to meet the lower “suitability standard”. That means recommended products or actions only have to be generally suitable for a client’s circumstances. Unfortunately, many financial products are sold under the suitability standard, but may not be the best thing for the client.