Stockbrokers are not required to have fiduciary duty ... and they should

Look Who’s Locking Horns Over Retirement Accounts

Excerpt:

By law, a fiduciary—like a doctor or a lawyer—must act in the best interests of his client and seek to avoid all material conflicts of interest. Investment advisers are required to act as fiduciaries, but stockbrokers and insurance agents generally aren’t—yet.

... The heart of the matter: Fiduciaries should avoid conflicts, but brokers are generally required only to disclose them.

... Meanwhile, ask your adviser: Do you or your firm earn more money for recommending this investment? Can you suggest a simpler, cheaper way of accomplishing the same goal? Investors can always act as their own fiduciaries—just in case their advisers aren’t.

Comment: I dumped our financial advisor for what I felt was a case of not advising with fiduciary duty (what I italicized above). Image source with article.