As an investment adviser, we act as a “fiduciary” to our advisory clients. This means that we have a fundamental obligation to act in the best interests of our clients and to provide investment advice in our clients’ best interests. We owe our clients a duty of undivided loyalty and utmost good faith. We avoid engaging in any activities that conflict with the interests of our clients, and we take steps that are necessary to fulfill our obligations. We take reasonable care to avoid misleading clients and we provide full and fair disclosure of all material facts to our current and prospective clients. Generally, facts are “material” if a reasonable investor would consider them to be important. We eliminate, or at least disclose, all conflicts of interest that might incline us — consciously or unconsciously — to render advice that is not disinterested. If we do not avoid a conflict of interest that could impact the impartiality of our advice, we make full and frank disclosure of the conflict. We cannot use our clients’ assets for our own benefit or the benefit of other clients, at least without client consent. Departure from this fiduciary standard may constitute “fraud” upon our clients (under Section 206 of the Advisers Act).
Adapted from https://www.sec.gov/divisions/investment/advoverview.htm
Here are a couple videos on what it means to be a fiduciary: