Core Viewpoint - The distinction between fiduciary and non-fiduciary financial advisors is crucial for clients seeking impartial financial guidance, as not all financial advisors are legally bound to act in their clients' best interests [1][5]. Group 1: Definition and Regulation - A fiduciary is legally committed to providing clients with impartial and informed financial guidance, which is not guaranteed by all financial advisors [1]. - The SEC restricts the use of the title "financial advisor" to registered investment advisers who adhere to fiduciary duties, ensuring they provide investment advice while prioritizing clients' interests [2][4]. - Non-fiduciary advisors are governed by Regulation Best Interest (Reg BI), which offers some protections but does not meet the fiduciary standard [7]. Group 2: Responsibilities and Standards - Fiduciaries have a legal and ethical obligation to prioritize their clients' interests, supported by duties of care, loyalty, and disclosure [5]. - Non-fiduciary advisors may act with loyalty and care but are not legally required to do so consistently, creating potential conflicts of interest [6].