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The Broker vs. Fiduciary
#1
Here is a youtube video called "HighTower Whiteboard Animation: Brokers vs. Fiduciaries" (click here to see it - https://www.youtube.com/watch?v=Dg5RRMAc1GY) explains the difference between a broker and a fiduciary. The video uses a metaphor of a  butcher for the stock broker and a dietician for a fiduciary. A butcher's job it is to sell you a cut of meat but a dietician's job is to give the best advice for you. Said another way, a stock broker may not have your best interest in mind and in fact may sell you the things that are best for him/her. However, it is the job of the fiduciary to look out for your best interest even it if it not in their own best interest. By the way, if you have a wealth manager at a bank or a financial adviser, you need to figure out if they are acting like a "butcher" or a "dietician".
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