Investor and Industry Perspectives on Investment Advisers and Broker-Dealers

Posted: 10 Jul 2020

See all articles by Angela Hung

Angela Hung

RAND Corporation - Labor and Population

Noreen Clancy

RAND Corporation

Jeff Dominitz

Carnegie Mellon University - H. John Heinz III School of Public Policy and Management; RAND Corporation

Eric L. Talley

Columbia University - School of Law

Claude Berrebi

Hebrew University of Jerusalem - School of Public Policy; Hebrew University - School of Public Policy ; Princeton University; UCLA; RAND Corporation; Taub Center

Farrukh Suvankulov

RAND Corporation

Date Written: February 28, 2009

Abstract

This PDF document was made available as a public service of the RAND Corporation.

In recent years, the evolution of the financial service industry has blurred traditional distinctions between broker-dealers and investment advisers and made it difficult to design appropriate regulatory schemes for their professional services. To better understand the industry’s dynamics and its effects on individual investors, the U.S. Securities and Exchange Commission (SEC) commissioned RAND to conduct a study of broker-dealers and investment advisers from two perspectives: first, examine investment advisers’ and broker-dealers’ practices in marketing and providing financial products and services to individual investors; and second, evaluate investors’ understanding of the differences between investment advisers’ and brokerdealers’ financial products and services, duties, and obligations.

Keywords: financial service, investors, Securities, broker-dealers,investment advisers

JEL Classification: G00, G2, G24, G28, G4

Suggested Citation

Hung, Angela and Clancy, Noreen and Dominitz, Jeff and Talley, Eric L. and Berrebi, Claude and Suvankulov, Farrukh, Investor and Industry Perspectives on Investment Advisers and Broker-Dealers (February 28, 2009). RAND policy report - 2009, Available at SSRN: https://ssrn.com/abstract=3629890

Angela Hung

RAND Corporation - Labor and Population ( email )

United States

Noreen Clancy

RAND Corporation

1776 Main Street
P.O. Box 2138
Santa Monica, CA 90407-2138
United States

Jeff Dominitz

Carnegie Mellon University - H. John Heinz III School of Public Policy and Management ( email )

Pittsburgh, PA 15213-3890
United States

RAND Corporation ( email )

1776 Main Street
P.O. Box 2138
Santa Monica, CA 90407-2138
United States

Eric L. Talley

Columbia University - School of Law ( email )

435 West 116th Street
New York, NY 10025
United States

HOME PAGE: http://www.erictalley.com

Claude Berrebi (Contact Author)

Hebrew University of Jerusalem - School of Public Policy ( email )

Jerusalem, 91905
Israel
+97225880151 (Phone)

HOME PAGE: http://https://en.public-policy.huji.ac.il/people/claude-berrebi

Hebrew University - School of Public Policy ( email )

Jerusalem, 91905
Israel
+97225880151 (Phone)

HOME PAGE: http://https://en.public-policy.huji.ac.il/people/claude-berrebi

Princeton University ( email )

Woodrow Wilson School
Public and International Affairs
Princeton, NJ 08544
United States
609-591-5886 (Phone)
609-258-2907 (Fax)

HOME PAGE: http://wws.princeton.edu/sites/default/files/person/cvfiles/CV-20190101-HU-Princeton.pdf

UCLA ( email )

Box 951477
Los Angeles, CA 90095-1477
United States

HOME PAGE: http://www.econ.ucla.edu/people/Faculty/Berrebi.html

RAND Corporation ( email )

Santa Monica, CA
310-393-0411 (Phone)

HOME PAGE: http://https://www.rand.org/pubs/authors/b/berrebi_claude.html

Taub Center ( email )

15 Ha'ari Street
Jerusalem
Israel

HOME PAGE: http://dev.taubcenter.org.il/claude-berrebi/

Farrukh Suvankulov

RAND Corporation

1776 Main Street
P.O. Box 2138
Santa Monica, CA 90407-2138
United States

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