The majority of financial professionals don’t have to supply you with recommendations that are in your best interest.

Instead, they’re held to what’s called “the suitability standard,” which requires that he or she make recommendations that are suitable based on your personal situation. Those recommendations do not have to be in your best interest.

Fiduciaries are held to an entirely different standard. A fiduciary is required to put your best interest first – a standard that is enforced by law.

Take a quick survey of your assets, from your annuities to your insurance policies to your mutual funds. Were they sold to you by someone required to act in your best interest, or someone who only had to consider whether it is suitable for you? The answer – and the difference – may surprise you.