Tony Robbins in his book, “Unbreakable” clarifies this standard. He points out that he wrote a book in 2014 called, “Money, mastering the game” where he too was given misinformation.
The information he wrote in 2014 presumed that if an advisor is licensed as an investment advisor they always put the clients needs first. Well, between 2014 and 2017 Tony Robbins found that this is not the case. A financial advisor could be dually licensed and switch hats at any moment.
Tony was disturbed to say the least.