While the wealth management industry has been enjoying incredible growth, one of the fastest-growing segments has been independent RIAs, many of whom are regulated by the SEC and held to a fiduciary standard.

This fiduciary duty means RIAs are legally obligated to act solely in the best interest of their clients. Among other rules, RIAs are bound to a “duty of care” — a responsibility to avoid misleading clients and have a reasonable basis for investment — and a “duty of loyalty” that requires an advisor to avoid conflicts and place the client’s interest above the advisors own.

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