There’s a big difference between a broker/advisor and a registered investment advisor. An investment advisor must follow a strict fiduciary standard for his clients, whereas a broker/advisor follows a suitability standard (whatever that means).
According to Vanguard Group founder Jack Bogle, “A fiduciary to me is anybody that handles somebody else’s money, if you’re a broker, you’ve got to be very careful how you handle it,” he says.
If you’re considering working with an advisor, make sure he’s a registered investment advisor because there’s a huge difference between suitability and fiduciary standards.
For more on the difference between fiduciary and suitability requirements, read this.