The number of people in the US looking for financial advice has soared since the pandemic and continues to climb rapidly. According to research from Statista, assets under management (AUM) in the US financial advisory market could reach $62.61 trillion in 2024 from $56.83 trillion in the year prior.
More people seeking financial advice make it vital to have trusted financial advisors working in the best interest of their clients. However, the current law allows advisors to recommend investments that pay higher commissions but are not the best fit for their clients—non-fiduciary advisors. In contrast, fiduciary advisors are legally obliged to act in the best interest of their clients.
