If you've started looking for a financial advisor, you've probably heard the word "fiduciary" thrown around a lot.

It sounds reassuring, like a seal of approval. But there's an uncomfortable truth: being a fiduciary establishes minimum legal duties, not a guarantee of unconflicted advice. Two advisors can both legally call themselves fiduciaries while working under very different quality of service models, compensation structures, incentives, and levels of transparency.

That distinction matters more than many investors realize.

This guide walks through what fiduciary duty actually requires, how a fiduciary can still have conflicts of interest, why fee-only matters, and the questions that will tell you more about an advisor than just looking for the word "fiduciary".