How advice works
Fiduciary
A fiduciary is a person or firm legally obliged to act in your interest rather than their own, including disclosing conflicts of interest rather than simply managing them.
The standard matters most where interests genuinely diverge: which product is recommended, whether a rollover is advised, how a fee is set. A fiduciary has to be able to explain why a recommendation is right for you, not merely that it was suitable.
Attorneys and trustees hold fiduciary duties by the nature of their roles. In financial advice the picture is more mixed, because the same person can be a fiduciary in one capacity and not in another during the same conversation.
What it does not do
Being a fiduciary does not mean nobody is paid, and it does not mean no product will ever be recommended. What it means is that the conflict is disclosed before you decide. The useful question is never 'are you a fiduciary' as a yes-or-no. It is 'how are you paid on this specific recommendation'.
This entry is a general explanation, not advice for your situation, and it deliberately avoids thresholds and figures, because those are the part most likely to be out of date. Reviewed August 27, 2026. If a decision turns on any of it, ring the office rather than relying on a page.
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From definition to your situation
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