Investor and Industry Perspectives on Investment Advisers and Broker-Dealers


Angela A. Hung, Noreen Clancy, Jeff Dominitz, Eric Talley, Claude Berrebi, and Farrukh Suvankulov. 1/2008. “Investor and Industry Perspectives on Investment Advisers and Broker-Dealers.” RAND policy report, TR-556-SEC.


This PDF document was made available from as a public service of the RAND Corporation. 

In recent years, the evolution of the financial service industry has blurred traditional distinctions between broker-dealers and investment advisers and made it difficult to design appropriate regulatory schemes for their professional services. To better understand the industry’s dynamics and its effects on individual investors, the U.S. Securities and Exchange Commission (SEC) commissioned RAND to conduct a study of broker-dealers and investment advisers from two perspectives: first, examine investment advisers’ and broker-dealers’ practices in marketing and providing financial products and services to individual investors; and second, evaluate investors’ understanding of the differences between investment advisers’ and brokerdealers’ financial products and services, duties, and obligations.

Last updated on 01/23/2019

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