Investor and Industry Perspectives on Investment Advisers and Broker-Dealers
Posted: 10 Jul 2020
Date Written: February 28, 2009
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: Suggested Citation