Not All investment advisors are fiduciaries

No matter what they call themselves Stockbrokers (Registered Representative) are not fiduciaries!

Broker Dealers, Banks and their Registered Representatives (RR) are not required to meet fiduciary standards. The RR can recommend investments that give him or her a bigger commission, even if there is a product that might be better for your situation. The SEC requires broker dealers to make “suitable” recommendations, as well as let you know if there are any conflicts of interest.

From the SEC website:

When your broker recommends that you buy or sell a particular security, your broker must have a reasonable basis for believing that the recommendation is suitable for you. In making this assessment, your broker must consider your income and net worth, investment objectives, risk tolerance, and other security holdings.

Suitability

Per Investopedia:

Essentially, a fiduciary is a person or organization that owes to another the duties of good faith and trust. The highest legal duty of one party to another, it also involves being bound ethically to act in the other’s best interests. A fiduciary might be responsible for general well-being, but often it involves finances – managing the assets of another person, or of a group of people, for example. Money managers, bankers, accountants, executors, board members, and corporate officers can all be considered fiduciaries.

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