Investment advisors are bound to a fiduciary standard that was established as part of the Investment Advisors Act of 1940. They can be regulated by the SEC or state securities regulators, both of which hold advisors to a fiduciary standard that requires them to put their client’s interests above their own.
Not all financial advisors are fiduciaries. As a matter of fact, many aren’t. Brokers, also known as registered representatives, are only held to a suitability standard, which requires that the broker make recommendations that are suitable based on a client’s personal situation, but the standard does not require the advice to be in the client’s best interest
As a Registered Investment Advisors, Safe Harbor Wealth Management, LLC and Safe Harbor Wealth Advisors, LLC are held to a fiduciary standard, meaning we go through extra steps to assure our clients that their financial issues are being looked after with the care they deserve.