WHO’S WHO
In this book, all broker-dealers are referred to as “brokerage firms.” All financial services professionals are referred to as “financial advisors,” and to simplify for the reader, will be referred to as “he” or “him.” The term does not distinguish among retail brokers, independent brokers, investment advisors or insurance agents licensed to sell securities. “Adviser” appears only when
referencing the Investment Advisers Act of 1940.
However, industry professionals understand that retail brokers, independent brokers, and independent investment advisors operate very differently. Those crucial differences will be explained in detail in this book. Explaining those differences—in compensation, in motivation, in regulation, in expertise— is at the heart of this book. With that information, the average person can make an informed decision.
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