Advisers & IARs · 10%
Keep broker-dealer and adviser roles distinct
Use compensation, advice, business activity and representative status to identify regulatory boundaries.
Apply the adviser definition
Advice about securities, being in the business and compensation form the core analysis, subject to specific exclusions.
Distinguish firm and individual
An investment adviser and an investment adviser representative have related but separate registration questions.
Ethics25%
Communications20%
Agents13%
Broker-dealers12%
Remedies11%
Securities9%
Advisers5%
IARs5%
Watch the agent boundary
A broker-dealer agent who moves into advice, discretionary management or separate compensation may create adviser issues.
Use facts, not job titles
Contracts, actual services, client location and compensation matter more than labels such as consultant or planner.