The word gets used loosely. Legally, it means one specific thing: an adviser who is required to act in your interest, not merely permitted to. Most of the industry operates under a lower bar — suitable, not necessarily best.

The easiest way to tell the difference isn’t the word on the business card. It’s the fee. A fiduciary can tell you exactly what they’re paid, by whom, and for what. If the answer takes more than one sentence, it’s worth asking again.