Stockbrokers are registered representative employees of broker-dealer firms. Stockbrokers are licensed to sell securities and other products, and they are compensated based upon what they actually sell and the volume of their sales.
Stockbrokers must adhere to a suitability standard, except when working with ERISA plans or Individual Retirement Accounts (IRAs).
In those cases, a stockbroker is required to serve as a fiduciary.
Fee-only registered investment adviser firms, such as Precipio Wealth Management, provide advice as part of
its standard business practices, and must always adhere to the fiduciary standard when working with clients.