David Meridian, CFP®
Founder & Lead Advisor · June 3, 2026
If you've searched for a financial advisor recently, you've probably encountered the word 'fiduciary.' It appears in search engine ads, on advisor websites, and in every 'how to choose an advisor' article. What most of those articles don't explain is what the standard actually requires — and how it differs from the standard that governs most of the financial services industry.
There are two main legal standards that govern financial professionals in the United States. The first is the suitability standard, which applies to broker-dealers and registered representatives. Under this standard, an advisor can recommend any product that is 'suitable' for a client given their age, financial situation, and stated goals — even if better alternatives exist. The second is the fiduciary standard, which applies to registered investment advisors (RIAs) like Meridian Wealth. Under this standard, we must always act in your best interest, disclose any conflicts of interest, and recommend what's best for you — not what generates the most revenue for our firm.
The practical difference is most visible in product recommendations. A broker operating under suitability might recommend a mutual fund with a 1% annual expense ratio because it pays a trail commission — even if an equivalent index fund at 0.05% would serve the client better. A fiduciary is prohibited from doing this. The fee difference on a $500,000 portfolio over 20 years is substantial, and it compounds.
One important clarification: many brokerage firms have adopted fiduciary language in their marketing in response to regulatory pressure and consumer demand. The label doesn't always mean what you'd expect. The clearest way to verify fiduciary status is to look for RIA registration with the SEC or state regulators, and to ask directly whether the advisor is 'always' acting as a fiduciary — not just for certain services or under certain circumstances. Some 'hybrid' advisors switch between fiduciary and suitability status depending on what they're selling.
At Meridian Wealth, we are fiduciaries in every interaction with every client. Our compensation structure — fee-only, with no commissions or product revenue — removes the financial incentives that produce conflicts of interest. We disclose our fees, our ownership structure, and any potential conflicts in our Form ADV, which is public and updated annually. If you'd like to review it, you can find it at adviserinfo.sec.gov or ask us to send it directly.
Disclosure: This content is provided for educational and informational purposes only and does not constitute investment, tax, or legal advice. Past performance does not guarantee future results. Consult a qualified advisor before making financial decisions.
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