Fiduciaries are legal entities that are ethically and legally responsible to act in the best interest of the party they represent, in this case the investor. Fiduciaries who do not satisfy this legal obligation can be both criminally and civilly liable for their actions. The vast majority of financial planners and stock brokers are NOT fiduciaries.
In order to be certified as a fiduciary, there are additional applications and legal requirements that must be satisfied for financial planners. What it does mean is that we are obligated to show you every charge, fee, and movement of your money, with 100% transparency, and to back up our actions with justification. CAM made the executive decision to become a fiduciary, and as of January 1, 2019, have moved all of our managed accounts to this type of arrangement.