Welcome to Sullivan Capital Management (SCM), your low-cost investment advocate!
Of the approximate 310,000 financial advisors in the US, only about 10% are legally required to put your interests first. They are called “Registered Investment Advisors” or RIAs for short. Typically, RIA's work on a fee based scheduled and not on commission. Because there are no commissions, and because RIAs are legally required to provide unbiased investment advice, most - if not all potential conflicts of interest or hidden agendas are eliminated.
While your financial advisor should be an independent RIA, you should ensure that they are also NOT a broker. In the twisted world of Wall Street, an RIA can be both a broker and a fiduciary in a process called dual registration. If an RIA is dually registered they can claim unbiased advice as a fiduciary. Then, they can switch gears and act as a broker, selling you specific products and earning commissions or kickbacks.
While acting as a broker, they are no longer required to adhere to the fiduciary standard. This means, they are sometimes obligated to serve your best interests and sometimes not! For consumers, this arrangement is perhaps the most dangerous as it creates immense confusion.