August 30, 2010
What is the difference between a "financial adviser" and an "investment adviser?" The general public doesn't know the difference, doesn't know a financial adviser is a broker not subject to a fiduciary standard. Unless you are in the financial industry these two job titles sound the same. Why wouldn't the SEC want to apply a fiduciary standard to all parties giving investment advice?
Wording from RAND Study Jan 3, 2008:
"Existing studies suggest that investors do not have a clear understanding about the distinction
between broker-dealers and investment advisers and their different levels of fiduciary