By Angela A. Hung, Noreen Clancy, Jeff Dominitz, Eric Talley, Claude Berrebi
In conception, monetary pros are rather special: A broker-dealer conducts transactions in securities on behalf of itself and others; and an funding adviser presents recommendation to others relating to securities. varied legislation control every one kind of specialist, yet limitations have blurred. This file examines present enterprise practices and investor knowing of every sort.
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In concept, monetary pros are quite certain: A broker-dealer conducts transactions in securities on behalf of itself and others; and an funding adviser presents suggestion to others concerning securities. varied legislation keep an eye on each one kind of specialist, yet obstacles have blurred. This record examines present company practices and investor knowing of every sort.
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Extra resources for Investor and Industry Perspectives on Investment Advisers and Broker-Dealers
Principal trades are transactions in which a broker ﬁlls customer orders with the ﬁrm’s own inventory rather than with shares it obtains on the open market. Dually registered ﬁrms are required to provide disclosures on the conﬂicts of interest that may arise in principal transactions, obtain the customer’s consent before engaging in any principal transactions, identify principal trades on conﬁrmation statements, and provide the customers’ annual reports showing principal-trading activity in the account.
Many participants reported that they thought that oﬀering such products and services meant that broker-dealers and investment advisers became less distinguishable from one another. They claimed that bundling of advice and sales by broker-dealers also added to investor confusion. ” As for future trends, some participants noted that the baby-boom generation has been pouring money into the ﬁnancial markets over the past 25 years. These participants expressed concern that, within the near future, large numbers of these people will be retiring, shifting a large amount of wealth out of corporate retirement plans and into the hands of individual investors.
The act deﬁnes a broker as a “person engaged in the business of eﬀecting transactions in securities for the account of others” (§3[a]), while a dealer is a “person engaged in the business of buying and selling securities for his own account” (§3[a]). Brokers and dealers generally cannot do business unless they are registered with the SEC (48 Stat. 2 The SEC has ability to revoke or suspend broker or dealer registration or censure the broker or dealer if the broker or dealer has violated federal law or engaged in other misconduct.
Investor and Industry Perspectives on Investment Advisers and Broker-Dealers by Angela A. Hung, Noreen Clancy, Jeff Dominitz, Eric Talley, Claude Berrebi