In theory, financial professionals are relatively distinct: A broker conducts transactions in securities on behalf of others; a dealer buys and sells securities

In theory, financial professionals are relatively distinct: A broker-dealer conducts transactions in securities on behalf of itself and others; and an investmen

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 t

Retail investors seek guidance from broker-dealers and investment advisers (BD&IA) to manage their invest. and to meet their own and their families¿ financial