When it comes to choosing a financial advisor, you'll want to use, and to really understand, one word: fiduciary.
A fiduciary has a legal duty to act in your best interest. Those not working to the fiduciary standard are held only to a suitability standard, meaning their advice must be suitable for your financial situation.
It's a key financial term. Yet most Americans cannot define it, and that puts them at risk.
That finding comes from 401(k) provider Betterment for Business, which recently surveyed more than 1,000 employees currently contributing to an employer-sponsored 401(k) plan.
Just 42 percent of respondents correctly identified the definition of a fiduciary, Betterment reports.