Comedian John Oliver went on a televised rant after he discovered that employees at his production company were being ripped off by their 401(k) plan — because the broker who sold it to them wasn't required to act in their best interests. In other words, the broker wasn't a fiduciary.
The bottom line is that a fiduciary is legally obligated to put their clients' best interests ahead of their own. But, as Oliver points out, not all financial advisors are fiduciaries.
The TV segment, which first aired in June on Oliver's HBO show "Last Week Tonight," hit more than 4 million views on YouTube, putting a mass-media spotlight on a very important issue with which the financial services industry has been grappling for years.