Should you trust a Schwab financial consultant when no fiduciary duty applies?

I realize that Schwab consultants are probably highly motivated to maximize AUM, so of course they would prefer that cash be invested in a managed account rather than sitting as cash in a non-managed account. So when a financial consultant calls up and suggests that an elderly retiree move at least half of their cash, how much weight should you place on that advice? In this particular financial climate, it seems risky for an elderly person to move cash into equities right now, even if the positions are professionally managed.

There is a longstanding relationship with this consultant, but no fiduciary duty applies in this case. How much trust would you place in such advice?