Fiduciary vs. Broker: Understanding Legal Standards, Reg BI, and Advisory Costs
Titles matter. Whether you are a teacher, police officer, Federal or non-profit worker, the person helping you with your retirement plan has a specific legal title — and it determines whose interest comes first.
Request a Free Intro CallFiduciary RIAs vs. Broker-Dealers: What the Titles Mean
| Feature | Fiduciary (IAR) | Broker (RR / REG BI) |
|---|---|---|
| Legal Duty | Act in Client's Best Interest (Always) | Act in Best Interest at the Time the Recommendation is Made (Reg BI) |
| Loyalty | To the Client | Mixed: Broker/Dealer / Firm & Client |
| Compensation | Typically Fee-Only or Fee-Based | Typically Commission and Transaction-Based |
What These Three Things Actually Cost You
Index Funds vs. Active Management
The financial landscape has shifted. With the rise of low-cost indexing and stricter regulations, the old model of high-commission sales is fading. Discover how these changes impact your options.
Fiduciary vs. Best Interest
With the SEC's new rule and the DOL's updated interpretation of ERISA, the responsibilities of financial professionals, fiduciaries, and planners to their clients have become more aligned.
How Financial Professionals Get Paid
Three ways financial professionals get paid — asset fees, hourly, and commission — and how Reg BI and the DOL's rollover standard changed what each one requires.
IAR vs. Registered Representative: Two Different Legal Standards
Many employees assume anyone offering financial advice is an “advisor.” However, the legal distinction between an Investment Advisor Representative (IAR) and a Registered Representative (RR) is different. One operates as a fiduciary advisor under the fiduciary standard; the other is paid for transactions.
An IAR is a fiduciary who is legally bound to always act in their client’s best interest. A Registered Representative must act in your best interest, which replaces the previous suitability standard.
Fee-Only vs. Commission: How Advisor Compensation Shapes Advice
The conflict of interest inherent in financial services usually stems from compensation. Does your advisor make money when your account grows, or when they sell you a product? Understanding the fee-vs-commission debate is essential for protecting your nest egg.
The “Statutory Employee” Trap for School Employees
Is your advisor “Captive”? Many insurance agents are classified as “Statutory Employees.” This means they get health insurance benefits, but often only if they hit a sales quota for one specific company.
If your advisor is working for their health insurance, they cannot truly shop the market for you. Ask yourself: Is this recommendation for your retirement, or their benefits?
How We Work Together: Three Transparent Ways to Engage
Pick how you want to work together — on-demand advice, ongoing portfolio management, or a targeted implementation for smaller accounts.
Hourly Planning
- Retirement income & Social Security timing
- Advice-only: keep your current accounts
- Written recap with specific next steps
Ongoing Advisory
- Active, custom money management
- Scheduled reviews & no sales quotas
- Continuous financial planning support
Implementation Only
- Ideal for smaller accounts & Roth IRAs
- Specific product implementation
- Available for some 403(b) plans
Massachusetts Towns & Communities Served
Boston-based financial advisor — serving clients statewide via in-person, phone, Zoom, and email. Local in-person meetings across Massachusetts. I'm an Investment Adviser Representative with Cambridge Investment Research Advisors, Inc. (RIA) and a Registered Representative with Cambridge Investment Research, Inc. (broker-dealer). My practice is independent and locally operated — so you work directly with me — while I'm supported by a national compliance, technology, and service platform.
Serving Boston & surrounding: North Shore, South Shore, Merrimack Valley, MetroWest, Cape & Islands, and the South Coast.
View Directory of Massachusetts Communities Served
- Abington
- Acton
- Amesbury
- Andover
- Arlington
- Ashland
- Attleboro
- Avon
- Bedford
- Bellingham
- Belmont
- Beverly — I grew up in Beverly
- Billerica
- Boston — I live in the South End
- Boxford
- Braintree
- Brookline
- Cambridge
- Canton
- Carlisle
- Carver
- Chelmsford
- Cohasset
- Concord — My sister-in-law lives in Concord
- Danvers
- Dartmouth — Office in Dartmouth
- Dedham
- Dover
- Duxbury
- Edgartown — Served from Dartmouth via New Bedford Ferry
- Fall River
- Fairhaven — Family in Fairhaven
- Foxborough
- Framingham
- Franklin
- Freetown
- Georgetown
- Gloucester — Good Harbor Beach favorite
- Groton
- Hamilton
- Hanover
- Harvard
- Haverhill — Lived there five years
- Hingham
- Holliston
- Hopkinton
- Hudson
- Ipswich
- Lexington
- Lincoln
- Lowell
- Lynnfield
- Malden
- Manchester-by-the-Sea
- Mansfield
- Marblehead — Worked at Corinthian YC in college
- Marion
- Martha's Vineyard — Served via Ferry or Cape Air
- Marshfield
- Mattapoisett — Served from Dartmouth
- Maynard
- Medfield
- Melrose
- Merrimac
- Methuen
- Middleborough
- Middleton
- Milton
- Nantucket — Served via Ferry or Cape Air
- Natick
- Needham
- New Bedford
- Newburyport
- Newton
- North Andover
- North Attleborough
- Northborough
- North Reading
- Norton
- Norwell
- Norwood
- Peabody
- Plymouth
- Provincetown
- Randolph
- Reading
- Revere
- Rockland
- Rockport
- Salem — Lived there after college
- Sandwich
- Saugus
- Scituate
- Sharon
- Sherborn
- Somerville
- Southborough
- Stoneham
- Stoughton
- Sudbury
- Swampscott
- Tewksbury
- Topsfield
- Tyngsboro
- Wakefield
- Walpole
- Waltham
- Wareham
- Watertown
- Wayland
- Wellesley
- Wenham
- Westford — My brother used to live in Westford
- Weston
- Westport — Served from Dartmouth
- Westwood
- Weymouth
- Wilmington
- Winchester — My first boss was from Winchester
- Woburn
Wherever you are in Massachusetts, I provide ongoing support — not just a one-time meeting. Reach out to find out if my services are right for you.
Ready to Clarify Your Retirement Strategy?
Whether you need an on-demand hourly review of your retirement plan or an ongoing fiduciary portfolio manager, we provide clear, objective guidance with zero sales pressure.