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This question is about what a broker does, what a dealer does, and broker.
Broker vs. Dealer
A broker is an individual or a financial service company that provides the service of enabling the trading of securities for other individuals, while a dealer is an individual or a financial service company that enables the trading of securities for themselves.
A broker is an individual or company who represents a broker-dealer or who, for compensation, represents an issuer in effecting or attempting to effect purchases or sales of securities. Typically brokers help investors buy and sell securities.
A dealer facilitates the trading of securities on behalf of themselves and/or individuals in terms of a company. Dealers also behave as self-governing entities, to ensure the correct functioning of securities markets. Some dealers, also called primary dealers, also facilitate trades on behalf of the United States government.
Here are the key differences between a broker and a dealer:
A broker executes orders on behalf of clients and can be either a full-service broker or a discount broker that only executes trades.
A dealer facilitates trades on behalf of itself, as a company, or themselves as individuals
They are entities known as broker-dealers that perform both responsibilities, such as traditional Wall Street organizations, as well as large commercial banks among others
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