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: March 24, 2008

Abstract

The financial service industry is becoming increasingly complex and more difficult to regulate. This brief describes broker-dealers and investment advisers—their numbers, size, assets, clients, services, and affiliations—and examines whether individual investors understand the differences between them. It reports that the industry is increasingly heterogeneous, with thousands of firms taking many different forms and bundling diverse services. As a result, the average investor is confused about financial professionals’ titles, duties, and fees.

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, Investment Advisers and Broker-Dealers (March 24, 2008). RAND Research Briefs - 2008, Available at SSRN: https://ssrn.com/abstract=3629892

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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