Investor and industry perspectives on investment advisers and broker-dealers / Angela K. Hung [and others].

Contributor(s):

Material type: Text

text

Media type:

computer

Carrier type:

online resource

ISBN:

9780833045010
0833045016
9780833047847
0833047841
9786611736750
6611736751

Report number: TR-556-SECSubject(s):

Genre/Form:

Additional physical formats: Print version:: Investor and industry perspectives on investment advisers and broker-dealers.DDC classification:

346.73/0922 22

LOC classification:

KF1070 .I58 2008eb

Online resources:

Click here to access online

Contents:

Regulatory and legal background -- View of the industry from published sources -- Insights from industry data -- Documentation and information provided by firms -- Investors' level of understanding.

Action note:

digitized 2010 HathiTrust Digital Library committed to preserve

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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"RAND Institute for Civil Justice, LRN-RAND Center for Corporate Ethics, Law, and Governance."

Includes bibliographical references (pages 199-204).

Regulatory and legal background -- View of the industry from published sources -- Insights from industry data -- Documentation and information provided by firms -- Investors' level of understanding.

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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.

Print version record.

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Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. MiAaHDL

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. MiAaHDL

http://purl.oclc.org/DLF/benchrepro0212

digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL

English.

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