What is the difference between a fiduciary and a broker?

A fiduciary advisor is legally required to act in your best interest at all times. A broker is held to a lower "suitability" standard — they must recommend products that are "suitable" for you but are allowed to consider their own compensation. This distinction matters enormously: a broker can legally recommend a high-fee product that is technically suitable when a better, cheaper option exists. Always ask if your advisor is a fiduciary.