Chapter 3
Regulation of Broker-Dealers
So far, everything discussed in this study guide has pertained to investment advisers and their representatives. These are people and firms who, for a fee, provide investment advice. It’s very important to note though, that they receive their fee for providing advice, regardless of whether or not the advice actually leads to the purchase or sale of securities (investments). In other words, sometimes they get paid for simply telling people to stay put and not move their money from one investment t