| Document Type
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BL
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| Record Number
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1047978
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| Doc. No
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b802348
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| Title & Author
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Investor and industry perspectives on investment advisers and broker-dealers /\ Angela K. Hung [and others].
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| Publication Statement
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Santa Monica, CA :: Rand,, ©2008.
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, ©2008
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| Series Statement
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Technical report ;; TR-556-SEC
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| Page. NO
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1 online resource (xxiii, 204 pages) :: illustrations (some color)
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| ISBN
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0833045016
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: 0833047841
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: 6611736751
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: 9780833045010
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: 9780833047847
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: 9786611736750
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0833044036
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9780833044037
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| Notes
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"RAND Institute for Civil Justice, LRN-RAND Center for Corporate Ethics, Law, and Governance."
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| Bibliographies/Indexes
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Includes bibliographical references (pages 199-204).
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| Contents
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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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| Abstract
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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.
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| Subject
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Investment advisors-- Legal status, laws, etc.-- United States.
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Securities industry-- Law and legislation-- United States.
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Securities-- United States.
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Stockbrokers-- Legal status, laws, etc.-- United States.
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Investment advisors-- Legal status, laws, etc.
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LAW-- Administrative Law Regulatory Practice.
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LAW-- Civil Law.
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Securities industry-- Law and legislation.
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Securities.
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Stockbrokers-- Legal status, laws, etc.
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| Subject
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United States.
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| Dewey Classification
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346.73/0922
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| LC Classification
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KF1070.I58 2008eb
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| Added Entry
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Hung, Angela A.
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| Added Entry
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LRN-RAND Center for Corporate Ethics, Law, and Governance.
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