Fiduciary vs. Suitability Standard: What It Means for Your Money

Learn the legal difference that can affect your long-term returns, and how to know which standard your advisor follows.

By Scott Blandford, Founder & CEO, Truthifi · Reviewed by the Truthifi Team · Updated July 31, 2026

---

Many financial advisors are not fiduciaries, and the difference can cost an investor $125,000 or more over a 20-year relationship on a $500,000 portfolio. That is the conservative end of a range (up to about $327,000) that depends on the fee assumptions explained below.

You've probably wondered whether your advisor's incentives line up with yours or pull in another direction. The answer turns on a single legal distinction. A fiduciary is legally required to act in your interest. A suitability-standard advisor only has to recommend products that are "suitable," which can include expensive ones that pay them higher commissions.

Being called a "fiduciary" doesn't guarantee you're getting a good deal. But not being a fiduciary likely makes it worth evaluating whether a different standard would serve you better. This guide walks you through the difference, shows you the math, and gives you a three-question test to verify your advisor's actual standard in writing. If you're an advisor, the same test is a simple way to show clients where you stand.

Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.

---

What It Means: Fiduciary vs. Suitability (In Plain English)

A fiduciary is legally required to put your interests ahead of their own on each recommendation they make. They must act with a high standard of care, disclose material conflicts of interest, and recommend what's best for you, not what's most profitable for them. If a recommendation doesn't serve your goals, a fiduciary should not make it, regardless of the commission.

A suitability-standard advisor (usually a broker-dealer representative) only needs to ensure that recommendations are "suitable," meaning appropriate given your financial situation, needs, and goals. But "suitable" is a much lower bar. A suitability-standard advisor can recommend an expensive mutual fund that pays them a higher commission, as long as the fund is technically appropriate for your risk profile. They can recommend a product earning them 5% in up-front compensation when a better option paying them 1% exists. Both are "suitable." Only the fiduciary standard requires they recommend the option better aligned with your interests.

The legal source: A fiduciary's duty comes from the Investment Advisers Act of 1940, Section 206, interpreted by the Supreme Court (SEC v. Capital Gains Research Bureau, 1963) as imposing a fiduciary duty of utmost good faith. A suitability advisor's obligations come from FINRA Rule 2111, which sets a minimum baseline of "reasonable," not "best."

How many advisors are actually fiduciaries?

This might surprise you: Only about 12% of registered financial professionals act exclusively as fiduciaries, by an often-cited industry estimate. That percentage is not calculated from the counts below, which mix individuals and firms, so treat it as directional. Here's the breakdown, based on 2024 FINRA and SEC registration data:

• 612,457 broker-dealer representatives (FINRA-registered): most operate under suitability standard

• 15,870 SEC-registered investment adviser firms (a count of firms, not people): most operate under fiduciary standard

• 323,039 individuals hold both broker and investment adviser licenses: they switch standards depending on the transaction

The third number is the key. A large share of registered professionals are "dually registered," meaning the same person may act as a fiduciary for one product and under suitability for another. In practice, your advisor might be a fiduciary when managing your portfolio but switch to suitability when selling you an annuity. This "hat-switching" is worth spelling out explicitly in your relationship.

Why does this matter?

The standard your advisor operates under determines what products they can recommend and what they can be paid. Under suitability, conflicts are allowed as long as they're disclosed. Under fiduciary, conflicts must be eliminated or disclosed and managed. The difference is the gap between "I can recommend this because I'm allowed to" (suitability) and "I can't recommend this because it doesn't serve your interests" (fiduciary).

---

How to Check If Your Advisor Is a Fiduciary

One of the most reliable ways to know your advisor's standard? Ask them directly, in writing. Many advisors will do this willingly. If they won't, or offer only a qualified answer, that's information worth paying attention to.

This 60-second verification process uses three free public resources:

Step 1: Check FINRA BrokerCheck Go to brokercheck.finra.org and search your advisor's name. Look for their registration type:

• RR (Registered Representative) = Broker-dealer registration = likely suitability standard

• IAR (Investment Adviser Representative) = Investment adviser registration = fiduciary standard

• If they have both, they're dually registered; note the firm's structure

BrokerCheck also shows disclosures, complaints, and disciplinary history. This is public information, and registered broker-dealer reps are required to be searchable here.

Step 2: Check SEC's IAPD database Go to adviserinfo.sec.gov and search for their firm. If they work for an SEC-registered investment adviser firm (RIA), you'll find:

• Form ADV Part 2A: the adviser's brochure disclosing fees, conflicts, and disciplinary history

• Item 5 = fee structure

• Item 6 = whether they use performance-based fees

• Item 9 = disciplinary information

• Item 10 = other financial industry activities

• Item 11 = code of ethics and personal trading

Pay special attention to Item 10. If they also hold broker licenses or insurance licenses, they have conflicts beyond the advisory relationship.

Step 3: Ask the direct question, in writing Email or text your advisor this question: "Are you acting as a fiduciary in our relationship? Please confirm in writing."

If they say "yes" without qualification, that generally means they're legally required to act in your interest on their recommendations. If they say "it depends on the product" or "only for investment advisory services," you've found a dual-registration situation. That's not necessarily bad, but you now know how your relationship works.

What to look for in their answer

Red flag phrases:

• "Only when providing investment advice": they may still earn commissions on products sold in a non-advisory capacity

• "It depends on the type of recommendation": confirms hat-switching

• "We are suitable with conflicts fully disclosed": this is suitability language, not fiduciary

Green flag phrases:

• "We are fiduciaries in all aspects of our client relationships"

• "We are a fee-only registered investment adviser"

• "We maintain a fiduciary obligation at all times"

A red flag doesn't mean your advisor is incompetent or dishonest. It means you now understand the rules they operate under and can make an informed decision about whether that structure works for your situation.

---

The Dollar Difference: What Each Standard Costs You

On a $500,000 portfolio over 20 years, the difference between fiduciary and suitability standards can cost you between $125,000 and $327,000 in lost wealth, depending on your advisor's fee and fund choices.

The Value Side: What Fiduciary Advisors Deliver

A fiduciary advisor operating at lower cost often bundles comprehensive services. These can include tax planning (which, by some industry estimates, may save 0.50–0.70% annually), retirement projections, behavioral coaching that has historically helped investors stay the course during downturns, and ongoing portfolio monitoring. Published research puts a value on these services. Vanguard's Advisor's Alpha research estimates advisors can add about 3% in net value, with behavioral coaching and rebalancing among the largest drivers. Russell Investments' Value of an Advisor study puts the figure at 3.54% annually across multiple value drivers. The two studies use different methods, so read them as estimates rather than promises. Weighing advice means looking at both the cost and the capability.

This is why the fee difference matters: A fiduciary advisor charging 0.50–0.75% AUM for comprehensive services (planning, behavioral coaching, ongoing monitoring, tax optimization) often delivers measurable value exceeding that cost. A suitability advisor charging 1.00–1.75% all-in without commensurate planning or behavioral support may leave you paying more for less value. But the distinction is about the framework of accountability, not the price point.

The fee layers

A typical suitability-standard advisor charges:

• Advisory fee: 1.00% AUM (assets under management)

• Mutual fund expense ratio: 0.59% (an approximate average for actively managed funds)

• 12b-1 distribution fee: 0.16% (built into fund; paid to broker-dealer)

• Total all-in cost: 1.75%

A typical fiduciary advisor charges:

• Advisory fee: 0.50% AUM

• Index fund expense ratio: 0.11% (an approximate average for passive funds)

• Total all-in cost: 0.61%

The difference: 1.14 percentage points may not sound large. Over 20 years, on a $500,000 initial investment with 7% market returns, here's what it means:

Important caveat: This assumes stable fees and zero additional contributions. In reality, an advisor relationship involves annual adjustments, life events, and market changes. Still, the directional point holds under most reasonable assumptions: the cost gap compounds, and it can be substantial.

A more conservative estimate, using a smaller fee differential (1.00% fiduciary all-in vs 1.50% suitability all-in), yields approximately $125,000 to $135,000 for a $500,000 portfolio, the low end of the range. The range ($125K–$327K) depends on your advisor's specific fee structure and fund choices.

What happens at smaller portfolio sizes?

If you're managing $50,000 to $250,000, the math doesn't disappear; it just looks different. A $100,000 portfolio with a 1.14% fee gap costs you $65,537 over 20 years. That's meaningful even if it's not headline-grabbing. Fee-only fiduciary advisors often work with smaller accounts (some have $50K minimums), while suitability brokers typically serve commission-based models that work better with larger accounts.

The hat-switching framework: What dual-registration looks like in practice

Dual-registered advisors operate in both worlds: fiduciary for investment advisory, suitability for insurance and commission products. Here's how this can play out in costs.

A $200,000 variable annuity recommendation made by a dual-registered advisor demonstrates how advisory standards differ:

When operating in fiduciary capacity (managing portfolio as investment adviser):

• Mortality & Expense (M&E) charge: 0.25%

• Subaccount ER (index): 0.10%

• Surrender charge: None

• Annual all-in cost: $700/year

• 20-year total: $14,000

When operating in broker-hat capacity (selling as broker-dealer representative):

• M&E charge: 1.25%

• Subaccount ER (active): 0.75%

• Surrender charge: 7% declining over 7 years

• Admin fees: 0.25%

• Annual all-in cost: $4,500/year

• Up-front surrender penalty: $14,000

• 20-year total: $90,000 + $14,000 surrender = $104,000

The cost differential: $90,000. The same advisor, the same client, the same product, but under different regulatory standards, dramatically different costs. This is legal, and it's disclosed, typically in fine print. The standard shapes the incentives, and the incentives shape the outcome.

The break-even question: When does it pay to switch?

If you're currently with a suitability-standard advisor and considering a move to a fiduciary, the arithmetic below is a starting point.

Annual savings at different portfolio sizes (assuming a 1.14% fee difference). Note that the savings recur every year, while the switch costs in the right-hand columns are one-time, so break-even only measures how fast you recover the cost of moving:

Bottom line: For investors with a similar fee gap, the math suggests the one-time costs of switching from suitability to fiduciary are recovered within about the first year, even accounting for potential tax costs. With a smaller gap, the payback stretches out. In retirement accounts (where transfers are generally not taxed), the break-even period can shrink to a matter of weeks. The larger driver is the recurring fee difference, which keeps compounding long after break-even. The decision to switch ultimately depends on your full situation: your service needs, your current advisor's value delivery, and your confidence in your own financial decision-making.

---

Fiduciary vs. Suitability vs. Regulation Best Interest: Comparison Table

Three main standards govern the advice you receive. Here's how they stack up:

What's important to understand:

• Fiduciary = ongoing. After you become a client, the fiduciary obligation continues for the life of the advisory relationship. Your advisor is expected to monitor your portfolio and recommend changes if your situation changes.

• Suitability = point-in-time. The recommendation only has to be suitable when made. After that, the rule itself imposes no ongoing monitoring obligation.

• Reg BI = suitability-plus. The SEC created Reg BI in 2020 to improve broker-dealer standards, but it explicitly is NOT the fiduciary standard. The SEC stated this clearly in the final rule: "We note that [Reg BI] is not a fiduciary standard."

Many people assume Reg BI means brokers now operate under a fiduciary standard. They don't. That is the core of Reg BI vs fiduciary: Reg BI improves on pure suitability in specific ways, but it doesn't require elimination of conflicts, only management and disclosure. The business incentives remain in place, now with stronger guardrails.

The practical difference: A suitability broker can recommend a 1.5% expense ratio fund if the 0.5% alternative doesn't exist (suitable). A Reg BI broker can recommend a 1.5% fund if conflicts are disclosed, even if 0.5% alternatives exist (interest standard at time of rec). A fiduciary advisor is expected to recommend the 0.5% fund because it serves the client's long-term interest better.

---

Signs You're Working with a Non-Fiduciary (And Why It Matters)

Even if your advisor isn't explicitly a fiduciary, certain recommendations should raise questions. Here are the patterns most worth examining:

Red flag #1: Your advisor recommended expensive active funds when low-cost index options exist

Industry fund-flow data for 2024 (the kind Morningstar tracks in its annual U.S. fund fee study) reportedly showed the cheapest 20% of mutual funds attracting $930 billion in net inflows. The remaining 80% lost $254 billion, by the same reporting. Money is moving to low-cost funds, though some advisors still recommend expensive ones.

A typical active fund charges 0.59% in expense ratio. A comparable index fund charges 0.11%. If your advisor has steered you toward active funds that pay them higher revenue-share, that can be a sign of a suitability-standard conflict. A fiduciary evaluates whether the active fund delivers enough additional value to justify the higher cost. S&P Dow Jones Indices' SPIVA U.S. Scorecard has repeatedly found that most actively managed funds trail their benchmarks after fees over 15-year periods. That's not an indictment of active investing; it's a finding that changes how the fee equation works.

Red flag #2: Your advisor recommended an annuity without fully explaining surrender charges

Variable annuities can be appropriate investments for specific situations. But some advisors recommend them partly because of the upfront compensation (often 5-7%) and ongoing revenue. A suitability advisor can recommend a $200,000 annuity with a 7-year surrender charge even if a simpler investment would serve your goals better.

Red flags:

• Annuity sold with 5%+ up-front compensation

• Surrender charges extending beyond your time horizon

• Subaccounts charging more than 0.50% ER

• Recommended primarily to consolidate assets or "simplify" (when the main beneficiary may be the commission)

A fiduciary should walk you through trade-offs with equal weight on both sides: "Here's why an annuity might make sense for your situation. Here's why it might not. Here's the cost of each option. And here's what we recommend based on your specific goals." If that conversation didn't happen, the recommendation process was incomplete.

Red flag #3: You don't know your all-in costs or your advisor can't itemize them clearly

If you asked your advisor "What's my total cost as a percentage of my portfolio?" and got a vague answer, that's a warning sign.

A fiduciary advisor should be able to say: "You pay me 1% in advisory fees, your funds cost 0.15% in expense ratios, and our custodian charges a $0 flat annual fee. Your all-in cost is 1.15%."

If your advisor says "I don't charge fees, I earn commissions on products," or refuses to itemize, you're likely in a suitability relationship with commission conflicts.

Red flag #4: Your advisor holds both broker and investment adviser licenses but hasn't explained the difference

A transparent dual-registered advisor explains how their fiduciary duty changes depending on the product: "I'm a fiduciary when managing your portfolio as an RIA, but if I ever sell you an insurance product or securities outside that capacity, I'm operating under suitability standard. Here's how I handle that conflict..."

An advisor who doesn't mention it may simply assume you already know. Asking directly clears it up for both of you.

Red flag #5: Your portfolio hasn't been reviewed or rebalanced in more than a year

Fiduciaries have an ongoing duty to monitor. If your advisor hasn't reviewed your portfolio in 12+ months, that may fall short of that duty (if they claim to be a fiduciary).

Suitability advisors generally have no such obligation. So if your advisor says "I don't do annual reviews" or "I only review when the market changes significantly," you're working within a standard with different monitoring expectations. Either way, ask what review schedule you're paying for.

---

"Fiduciary" Doesn't Mean "Good Deal" — And Other Myths

Being called a fiduciary doesn't guarantee you're getting a fair price.

Myth #1: "A fiduciary advisor is always cheaper than a suitability advisor"

False. A fiduciary charging 1.5% AUM on a $1 million portfolio costs you $15,000 per year, which is legal under the fiduciary standard. There is no regulatory cap on fiduciary fees. The fiduciary standard requires acting for the client's benefit; it does not require charging the lowest possible fee.

The distinction that matters: A fiduciary charging 1.5% must be transparent that this fee includes specific value delivery. A suitability advisor charging 1.5% can operate without the same burden of demonstrating commensurate value. Both fee levels are legal; the difference is in the framework of accountability. What matters: Your fiduciary advisor's fee should map to clear value. "1.5% AUM includes comprehensive financial planning, quarterly reviews, and behavioral coaching to help you avoid costly decisions during market volatility." If you can't articulate what you're getting for 1.5%, comparison shopping across advisors (fiduciary and non-fiduciary) is a reasonable next move.

Myth #2: "Regulation Best Interest is the same as fiduciary standard"

False. Reg BI was introduced in 2020 as an alternative to the fiduciary standard, not an equivalent. Here's the key difference:

Fiduciary standard requires:

• Elimination of conflicts (or full disclosure + client consent + continued duty)

• Ongoing monitoring and updates

• Acting for the client's benefit throughout the relationship

Reg BI requires:

• Mitigation of conflicts (manage them, don't eliminate them)

• Disclosure of conflicts

• Acting in the client's interest "at the time of recommendation"

This matters structurally because a Reg BI broker can legally recommend a 1.5% expense ratio fund if the 0.5% alternative doesn't exist (suitable). The difference isn't about honesty or competence; it's about what the regulatory framework permits. For you as an investor, the practical implication is this: a Reg BI broker has stronger obligations than a suitability broker, but weaker ones than a fiduciary advisor.

Myth #3: "All CFPs are fiduciaries"

Partially true. Since October 2019, CFP® professionals must act as fiduciaries "at all times when providing Financial Advice," under the CFP Board's standards. But there's a catch: a CFP® can work at a broker-dealer and still earn commissions on products. The CFP standard requires disclosure and management of those conflicts, not elimination.

What it means: A CFP® advisor giving you financial advice is a fiduciary for that advice. But if they sell you an insurance product or securities outside the advice capacity, they may operate under suitability or Reg BI, not the full fiduciary standard.

Ask directly: "Are you a fiduciary for our entire relationship, or only when providing financial planning advice?"

Myth #4: "The DOL fiduciary rule now protects all retirement investors"

Not currently. Biden's 2024 Retirement Security Rule was stayed by federal courts in July 2024, and the Trump administration withdrew its appeal in November 2025. The 1975 five-part test definition remains in effect. Trump's DOL had signaled a new rule around May 2026; check the DOL's current status before relying on it, because the timeline and final language have been uncertain.

What this means: The rules for retirement accounts remain fragmented. For IRAs, the five-part test (from 1975) still applies in limited contexts. For 401(k) advisors and rollover recommendations, the uncertainty is real. Most states have adopted the NAIC's best-interest update to its Suitability in Annuity Transactions Model Regulation; the NAIC's adoption tracker shows where your state stands. These state rules provide some protection for annuity sales.

Bottom line: Don't assume federal rules protect you automatically. Verify your advisor's status independently.

Myth #5: "If I'm working with a fiduciary, I don't need to verify their fee is reasonable"

False. A fiduciary can overcharge you within legal limits. "Reasonable" is subjective. A 1.5% AUM fee is within the standard for a full-service adviser, but it may be excessive if your needs are simple (portfolio management only, no financial planning, no behavioral coaching).

What to evaluate: Compare advisors and the specific value they deliver at their fee level. A fiduciary advisor charging 1.5% AUM on a $1M portfolio delivering comprehensive planning, behavioral coaching, and tax optimization across your full financial picture is a different value equation than a fiduciary charging 1.5% for portfolio management alone. The fiduciary standard ensures they're acting for your benefit; it doesn't define what mix of services represents fair value for that fee.

---

The Three Questions That Tell You Everything

Here's a simple test. Ask your advisor these three questions, and request written answers (email is fine):

Question 1: "Are you acting as a fiduciary in our entire relationship?"

Their answer reveals the baseline. Yes = fiduciary throughout. "It depends" = dual registration or suitability. "Only for advisory services" = they can earn commissions elsewhere.

If the answer is yes, move to Question 2. If it's qualified, you now know the structure they operate under.

Question 2: "What is your total cost to me, itemized by fee and fund expense?"

This is where you separate advisors who communicate value clearly from those who haven't yet put their costs in plain numbers. A confident fiduciary advisor gives you the number: "You pay 0.75% to us, your funds cost 0.15%, total 0.90%."

If they deflect or won't itemize, that may point to a conflict of interest: not necessarily dishonesty, but a reason to keep digging.

A good answer includes:

• Advisory fee (percentage of AUM or flat)

• Fund expense ratios (or fund choices with published ERs)

• Custodian fees (usually $0)

• Hidden 12b-1 or distribution fees (if they exist)

• One all-in percentage

Once your accounts are connected, Truthifi shows you the fees on each account, by type, so you can compare that with what your advisor quotes.

Question 3: "How do you handle it when your interests might conflict with mine?"

Listen for honest description, not reassurance. A good answer acknowledges:

• Conflicts exist (they nearly always do)

• Specific conflicts in their business model

• How they manage them (disclosure, elimination, mitigation, monitoring)

• Your right to ask for changes

A great answer includes something like: "We disclose our conflicts upfront. We use passive funds to reduce revenue incentives. We don't earn additional fees when we recommend certain products. And we're fiduciaries, so we're required to manage conflicts for your benefit."

You can check part of that answer yourself: if an advisor says they use passive funds, the expense ratios in your connected accounts should reflect it.

A weak answer glosses over specifics or says, "We don't have conflicts." Nearly every advisory business has some; the question is how they're managed.

---

FAQ: Your Questions Answered

Q: Are CFPs automatically fiduciaries?

A: As of October 2019, all CFP® professionals must act as fiduciaries when providing financial advice. However, a CFP® working at a broker-dealer may earn commissions on products, and when selling those products, they may operate under suitability standard, not fiduciary standard. Always clarify the specific scope of fiduciary duty: "Does this apply to all our interactions, or only when you're providing planning advice?"

Q: What's the difference between fee-only, fee-based, and commission-based advisors?

A: Fee-only advisors charge only fees, with no commissions on products. They must typically be fiduciaries (RIA-registered). Fee-based advisors charge both fees and commissions; they can be fiduciaries or suitability advisors depending on registration. Commission-only advisors earn only from product sales; they're typically suitability advisors (broker-dealers). Fee-only is generally simplest to evaluate from a conflict standpoint.

Q: How do I find a fiduciary advisor?

A: Start with NAPFA (National Association of Personal Financial Advisors, whose members are fee-only fiduciary advisors) or XY Planning Network (fee-only advisors). Use FINRA BrokerCheck and SEC IAPD to verify fiduciary status independently. Ask the three questions directly.

Q: Is Regulation Best Interest the same as fiduciary standard?

A: No. Reg BI, introduced in 2020, is described as a "Best Interest" standard for broker-dealers, but it's explicitly NOT the fiduciary standard. The SEC said so in the final rule. Reg BI requires conflict management; fiduciary requires conflict elimination or management with ongoing duty. Reg BI is suitability-plus, not fiduciary-equivalent.

Q: Should I fire my non-fiduciary advisor?

A: Not automatically. A suitability advisor can deliver value, especially if they're transparent about conflicts, responsive to your needs, and operating at a reasonable fee. But if you're working with a non-fiduciary charging high fees without commensurate value, the math suggests evaluating a switch. For investors with a fee gap similar to the 1.14% example in this guide, the one-time costs of switching are typically recovered in about a year.

Q: What about robo-advisors and fiduciary status?

A: Most robo-advisors (Vanguard, Fidelity, Betterment, Wealthfront) operate as fiduciaries for their advisory services. They typically use passive funds, keep costs relatively low compared with many full-service advisors (fees and account minimums differ by provider, so check each one's current fee schedule), and monitor automatically. For hands-off investors with smaller accounts, robo-advisors can be a fiduciary alternative without needing an advisor relationship.

Q: Does fiduciary status protect me from advisor mistakes?

A: It protects you from incentive-driven conflicts and requires ongoing monitoring. But fiduciaries can still make investment mistakes. Fiduciary duty is about aligning incentives and ensuring competent monitoring, not guaranteeing returns. Verify competence (track record, process, credentials) separately from standard.

Q: What happened to the DOL fiduciary rule?

A: Biden's 2024 Retirement Security Rule was stayed by federal courts in July 2024, and the Trump administration withdrew its appeal in November 2025. State-level rules and existing SEC/FINRA standards remain. Trump's DOL had signaled a new rule around May 2026; check its current status. In the meantime, verify your advisor's status independently.

Q: Can a fiduciary advisor charge 1.5% AUM?

A: Yes. There's no regulatory cap on fiduciary fees. A fiduciary can charge 1.5%, 2%, or any amount, as long as it's disclosed and they deliver value commensurate with the fee. The question isn't whether it's legal; it's whether the fee makes sense for what you're receiving.

Q: How often should my advisor review my portfolio?

A: Fiduciaries have an ongoing duty to monitor. Annual reviews are common. If your fiduciary advisor hasn't reviewed your portfolio in 12+ months, that's concerning. Suitability advisors have no ongoing duty, so the expectation may differ, but you should have clarity on the monitoring frequency before you hire anyone.

Q: What's the difference between your advisor's fiduciary status and Truthifi's positioning?

A: Your advisor's fiduciary status depends on their registration and regulation. Truthifi is not a financial advisor. We're a platform with no commissions, no ads and no advice. We help you understand the standards your advisor operates under and benchmark fees, so you can make informed decisions. Truthifi is B2B2C: advisors use our tools with clients, and consumers use them independently.

---

Your Next Step

Fiduciary or suitability, the standard shapes what your advisor can recommend and be paid. Your move is to verify where your advisor stands, decide whether that framework serves your needs, and have the conversation directly. The three questions are your script.

One thing a single check won't catch: registration can change. Advisors move firms, add insurance licenses, or drop an advisory registration, so the standard that applied when you hired them may not be the one that applies today. Re-running the BrokerCheck and IAPD lookups at each annual review takes a few minutes and keeps your answer current. For related guides, browse Truthifi Education.

---

Legal Disclaimer

This article is educational and not financial advice. It does not recommend specific advisors, fee levels, or investment strategies. Truthifi is not a fiduciary and does not manage assets. Always verify your advisor's fiduciary status independently using FINRA BrokerCheck and SEC IAPD. Consult a qualified financial professional before making changes to your advisory relationship.

---

About the Author

Scott Blandford is the Founder & CEO of Truthifi, an independent platform that helps investors and their advisors see fees and portfolio data clearly. This guide was reviewed by the Truthifi Team. More guides: Truthifi Education.

---

Connect your accounts in a couple of minutes: Monitoring is $8.99/mo or $79.99/yr, no AUM fees, no agenda. See what your portfolio is doing. See how Truthifi keeps your accounts secure