FIDUCIARY vs SUITABLE The Fiduciary standard lets you know who work for whom. Why is this important?A fiduciary is someone who puts your financial interest ahead of their own. The word Fiduciary is derived from the Latin word fidere, which means to trust.Trust is the pillar in an financial/advisory relationship. As Fee-Only advisors, we believe that a "fiduciary standard" is the very best framework for professionals to work with clients. To act as a fiduciary means that an advisor has to put aside his/her own financial interest, and also put aside the business/financial interest of any company they work for, and give recommendations that are solely and completely in the best interest of their clients.Most Financial Advisors, Brokers, Bank employees and Insurance Agents are not held to this high standard. Rather, they are held to a "suitability" standard, meaning they must reasonably believe that any investment or insurance product they want you to buy is appropriate for your situation.Appropriate is a long way from "in your best interests". The real choice isn't fiduciary vs. suitability; rather, it's buying products from a salesperson or getting advice from an advisor.The majorities of planners actually work for a brokerage firm or a broker/dealer and don't really work for the client. The brokerage firm actually controls what products can be recommended.At Irving Advisory Group, we are not affiliated with any broker, bank, accounting firm, law firm or insurance company. We are accountable only to our clients and have only their best interests at heart, fully embracing the concept of fiduciary responsibility.