Abel Mitja Varela via Getty Images
Fiduciary is a common word that is often misused because of its complicated definition and variety of meanings and uses. While it refers to an individual that owes certain special obligations to another that are based on trust, it also describes the obligation itself, distinguishing it from an ordinary obligation.
Is our financial system broken or just designed to take advantage of the average person? When you go to the bank to make a deposit or pay a bill are you expecting to be sold? Probably not, but it happens all the time.
There is a major battle going on in the financial services industry, and your welfare is at stake. What's the war over? Whether or not the person you're trusting to invest your money is legally required to act in your best interest. Right now, they only have to make sure the investments they're selling you are "suitable." I would like to see legislation for fiduciary duty and I'll tell you why.