What legal obligations do financial advisors have towards their clients?

Most financial advisors fall under the suitability rule, while other investment advisors are subject to the fiduciary duty rule. According to the suitability rule, financial advisors, previously referred to as stockbrokers, are obligated to provide recommendations that are reasonably suitable for their clients based on factors such as age, risk tolerance, time horizon to retirement, investment objectives (such as income or growth), and other relevant considerations.
This standard is lower compared to the fiduciary duty. Under the fiduciary duty rule, financial advisors have a legal obligation, according to common law in many states, to act in the best interest of their clients. The key difference between the fiduciary duty and suitability rule is that, under the fiduciary duty, advisors cannot sell products that involve a conflict of interest for themselves or their firm, whereas under the suitability rule, as long as the investment is suitable, the firm may have an undisclosed conflict of interest, which is ethically questionable.
Currently, the proposed fiduciary duty rule is facing delays under the Trump Administration, and this delay is potentially causing harm to many investors. These investors believe that their advisors are required to always act in their best interest, but until the fiduciary duty rule becomes permanent, many are unaware of the lower standard of care provided under the suitability rule.