A firm or individual that manages investments and provides financial advice for a fee. RIAs are held to a fiduciary standard, meaning they're legally required to act in your best interest—not their own. This is a big deal in a world where many financial professionals only have to meet the lower "suitability" standard. RIAs typically work with clients who have substantial assets and charge fees based on assets under management rather than commissions. When choosing financial help, understanding whether someone is an RIA (fiduciary) or a broker-dealer (suitability standard) can make a real difference in whose interests come first.