Today I was doing some research on a non-related topic. I came across this write up that touches on fiduciary or suitability and thought I can share it with everyone. The first 1-3 pages contain the key points you need to know. Look for how a Broker-dealer are transaction based and are self-regulated. Additionally, broker-dealers are NOT fiduciaries for their clients.
For further reading – download this PDF from Pepperdine Law Review