By Angela A. Hung, Noreen Clancy, Jeff Dominitz, Eric Talley, Claude Berrebi
In conception, monetary execs are rather targeted: A broker-dealer conducts transactions in securities on behalf of itself and others; and an funding adviser presents suggestion to others relating to securities. assorted legislation control every one form of specialist, yet limitations have blurred. This document examines present enterprise practices and investor realizing of every style.
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Extra info for Investor and Industry Perspectives on Investment Advisers and Broker-Dealers
1998, pp. 940–941). At least two additional factors further cloud this landscape. First, some brokerage accounts may possess some characteristics of both discretionary and nondiscretionary accounts. For example, a broker handling a putatively nondiscretionary account may simply begin to make decisions on behalf of his or her client, eﬀectively exercising de facto control over not only executions of client orders but also over the contents of those orders themselves. , 1970). 11 9 One oft-cited federal-court opinion has ruled that brokers handling discretionary accounts owe a broad spectrum of ﬁduciary duties, including the duties to (1) manage the account in a manner directly comporting with the needs and objectives of the customer as stated in the authorization papers or as apparent from the customer’s investment and trading history, .
By both title and description, discretionary accounts give a broker-dealer signiﬁcantly more freedom to Regulatory and Legal Background 11 exercise judgment for the client. Instead of merely executing the client’s transactional instructions, a broker for a discretionary account will tend to make trades on his or her own accord, on an ongoing basis, on the client’s behalf. It is not surprising, then, that such freedom comes at additional potential risk that the broker may abuse that discretion or otherwise run afoul of the client’s best interests.
National Regulatory Services and the Investment Adviser Association (2007) found that more than 95 percent of SEC-registered investment advisers charge assetbased fees according to 2007 SEC registration data. In addition, one-third charge hourly fees, 41 percent oﬀer ﬁxed-fee arrangements, and 32 percent charge performance-based fees. Only 9 percent of investment advisers reported that they charge commissions for advisory services. Revenue Streams of Financial Service Firms In addition to fee structures associated with services, many ﬁnancial service providers have other sources of revenue.