What it sounds like
A “fiduciary” is one who has the legal duty to act in the best interest of another. Sadly, many brokers and brokerage firms will put their own best interest ahead of that of their customers. For example, a broker or brokerage firm may recommend an investment in, say, an annuity, not because it is in the customer’s best interest, but rather because such investment pays large commissions and/or fees to the broker and the firm.
In addition, a fiduciary must stay informed of any changes in the market that could affect their client’s interests, and react responsibly and sensibly to those changes. If you feel your brokerage firm breached its fiduciary duty while managing your account, request a consultation today.