Are you using the ”suitability” standard or the ”best interest” standard when you are advising me? Part 1

Only a few of us have really spent time and energy thinking about the question regarding conflict of interest when it pertains to financial advisors. Some of us have recommended fee-only financial advisory services. But that really does not answer totally the question of "what is best for me?". There is another question we, as financial consumers, must answer. Is my advisor and/or accountant using the "suitability" or "best interest" standard? What is the difference between the two? You should know because it can drastically affect your financial outcome.   If would like to leave any comments or suggestions for future episodes, please email me at [email protected]