Investor and industry perspectives on investment advisers and broker-dealers
In theory, financial professionals are relatively distinct: A broker conducts transactions in securities on behalf of others; a dealer buys and sells securities for his or her own accounts; and an investment adviser provides advice to others regarding securities. Broker-dealers and investment advise...
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| Format: | eBook |
| Language: | English |
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Santa Monica, CA
Rand
2008, ©2008©2008
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| Series: | Technical report
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| Online Access: | |
| Collection: | JSTOR Open Access Books - Collection details see MPG.ReNa |
| Summary: | In theory, financial professionals are relatively distinct: A broker conducts transactions in securities on behalf of others; a dealer buys and sells securities for his or her own accounts; and an investment adviser provides advice to others regarding securities. Broker-dealers and investment advisers are subject to different regulatory structures. But trends in the financial services market since the early 1990s have blurred the boundaries between them. Regulatory reform requires a clearer understanding of the industry's complexities. The U.S. Securities and Exchange Commission asked RAND to conduct this study to examine the professionals' current business practices and whether investors understand differences between and relationships among them. The report describes a heterogeneous industry, with firms taking many different forms and offering a multitude of services and products and with investors failing to distinguish broker-dealers and investment advisers along regulatory lines. Despite this, investors express high levels of satisfaction with the services they receive from their own financial service providers. This satisfaction was much more frequently reported to arise from the personal attention the investor receives than from the actual financial returns arising from this relationship |
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| Item Description: | "RAND Institute for Civil Justice, LRN-RAND Center for Corporate Ethics, Law, and Governance.". - Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002 |
| Physical Description: | xxiii, 204 pages illustrations (some color) |
| ISBN: | 9780833044037 9786611736750 0833044036 6611736751 |