Phil Fragasso explains the dramatic difference between investment advisors who are held to a fiduciary standard and brokers who are held to a suitability standard. See Phil's Hard Working Money website and pick up his book, "Your Nest Egg Game Plan," for more investing insights.
Simple difference: FINRA/NASD Licenses. Advisors also sell, maybe even moreso. All you gotta do is go to FINRA site and look up someone's licenses to find out who you're dealing with. You got a ton of series 6's and 7's calling themselves advisors all the time. Nowadays, if you are designating fiduciary responsibilities to someone, you should make sure they have series 7, 63, 65, 87, and CFA level III.
darkjeshush 1 year ago