SIE (Securities Industry Essentials) Practice Exam

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Who among the following has a fiduciary responsibility to their customers?

Stockbrokers
Municipal Advisors
Commercial Bankers
Real Estate Agents

The correct answer is: Municipal Advisors

Municipal Advisors have a fiduciary responsibility to their customers because they are required to act in the best interests of their clients and provide them with unbiased advice. Stockbrokers have a suitabilitystandard which requires them to make recommendations that are suitable for their customers' investment goals, risk tolerance, and financial situation. Commercial Bankers have a duty to maintain the confidentiality of their customers' financial information, but they do not have a fiduciary responsibility. Real Estate Agents are commissioned salespeople and do not have the legal obligation to act in the best interests of their clients.