There is a common sentiment in the financial services industry that your financial advisor must be a fiduciary. In this thesis, I explore whether that is truly the case. I present the two main groups of financial advisors: broker-dealers and registered investment advisors (RIAs). I compare the two groups by examining 4 key comparisons: regulation, standards of care, compensation, and investment behavior. At the end, I share my personal opinions regarding where I believe investors should seek their financial services.