Glossary
Fiduciary
Someone legally obligated to act in your best interest ahead of their own, a higher standard than a salesperson. The key test for any advisor.
A fiduciary must put your interests first, regardless of the effect on their own compensation. Fee-only financial advisors, CPAs you hire, HUD-approved counselors, and your own attorney are fiduciaries. By contrast, a real estate agent owes fiduciary duties to their client, but if the buyer's agent is also giving you advice, they're working for the buyer. Always know who has the fiduciary obligation to you.
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