Final answer:
The statement is false because, unlike credit unions, fiduciaries are legally and ethically required to act in the best interests of their clients.
Step-by-step explanation:
The statement 'Credit unions are more likely to act in your best interest than fiduciaries' is false. Credit unions are member-owned nonprofit financial institutions that cater to their members' financial needs by accepting deposits and providing loans. On the other hand, a fiduciary is a person or organization that acts on behalf of another person or persons to manage assets, and they are legally and ethically bound to act in their clients' best interests. Therefore, fiduciaries are specifically obligated to act in your best interests, which is a higher standard of care than what is typically attributed to credit unions.
There are over 6,000 credit unions in the U.S. economy, and while they do operate for the benefit of their members and may often act in their members' best interests because members are the shareholders, it is not accurate to assert that they are more likely to act in your best interest than a fiduciary whose role is defined by that very responsibility.