Direct answer
No, not all brokers are held to a fiduciary standard, as some are only required to meet a ‘suitability’ standard, meaning the product must be appropriate for your needs but not necessarily the most affordable or highest-performing option available.
State-level department of insurance regulations concerning producer standards of conduct and suitability requirements. For additional information about state-level standards, see the National Association of Insurance Commissioners‘ overview of annuity suitability and best interest model regulations.
What this means for you
No, not all brokers are held to a fiduciary standard, as some are only required to meet a ‘suitability’ standard, meaning the product must be appropriate for your needs but not necessarily the most affordable or highest-performing option available.
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