The key difference is the obligation each standard imposes. A fiduciary must recommend what’s best for you, while a suitability-standard advisor needs to recommend only what’s suitable — appropriate, but not necessarily optimal. Fiduciaries must disclose conflicts of interest; suitability advisors generally don’t. Regulation Best Interest (2020) added obligations for broker-dealers, but it still doesn’t equal a full fiduciary standard. When evaluating wealth, tax, and estate planning considerations, some individuals may prefer to work with a fiduciary, who is generally obligated to act in the client’s best interests.
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