Suitability as a standard.

Suitability as a standard is detrimental to the consumer. “What other option do I have?”  Fiduciary.

Suitability means that the product recommended at the time was suitable for your needs.  It is the lesser of the standards.  It allows for sales representatives to have an “out” in case the product fails or it does not meet your expectations.  They can simply say based on the information you provided this product made sense at the time.

Fiduciary means the advice given and product recommended is truly in your best interest. That after careful review of the total picture by qualified experts in each subject matter area, any reasonable person would consider the recommendations to be in your best interest.

Which brings you more confidence?  A complete analysis of the whole picture with recommendations based on expert review or a product recommendation based on a cursory review of your needs?

Understand the difference between these standards when you are evaluating a product recommendation.  Is the person making the recommendation operating as a fiduciary?