suitable= suitable investment not necessarily in your best interests (Broker or salesperson)
fiduciary= must act in your best interests and disclose all conflicts (R.I.A. that is fee only)
If you do not understand this you are TOAST!!!!!
The problem is there’s nothing illegal about brokers putting their interests ahead of those of their clients, even if they frame their sales tactics as investment advice. Of course, not all companies lie to get business, but the suitability standard under which stock brokers work requires that investors only be sold investments that are suitable for their individual circumstances. That loose standard enables brokers to recommend investments that are arguably suitable while also lucrative to their firm
When individuals don’t get unbiased information about their retirement portfolios, it can have negative consequences for their retirement. If lots of people get bad advice, it can have a negative impact on society. That’s why the Department of Labor is gunning for increased investor protections