A fiduciary duty means that when a broker makes a recommendation to the customer, the broker's motivation must be in the customer's "best interest". For most brokers, that is their motivation. Where it is not, trouble can ensue. The extent to which such a duty continues after the purchase of a recommended security has resulted in decades of court decisions.
David E. Robbins wrote the Securities Arbitration Procedure Manual used nationwide by law schools, law firms and brokerage firms.
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