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We exist and thrive because of our clients; loyal to us because of our integrity and our unmatched ability to treat every client like family and business partners through every stage of life.
Recognizing the difference between the fiduciary and suitability standards may also help you appreciate the level of care you receive from a trusted financial advisor. Although the distinction between the fiduciary and suitability methods of offering advice is rarely discussed, we feel it is essential for ever client to know the difference.
This is the standard that Registered Investment Advisors must uphold. The “Registered” adjective refers to being registered with either the Securities & Exchange Commission (SEC) or a state securities agency. RIAs have a fiduciary duty (a legal requirement) to act in the client’s best interest regardless of the level of compensation the advisor may receive as a result of recommendations or actions.
With a suitability standard, a "broker" has no specific duty to act in the client's best interest. A broker may recommend a "suitable" fund, annuity, stock or other financial product to you, he is NOT prohibited from recommending an investment that will result in a larger commission for him or higher costs to you.