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This question is about what an investment advisor does, what a broker does, and investment advisor.
Investment Advisor vs. Broker Dealer
An investment advisor dispenses investment advice catered towards individual clients' needs and investment accounts, while a broker dealer is in the business of trading securities for its own account or on behalf of its customers.
An investment advisor works through a fee-based system that works with clients to manage their investment accounts. Tasks include assisting clients with tax liabilities, creating an entire wealth management framework, or mortgage planning. They may be known as asset managers, investment managers, or wealth managers.
A broker dealer is able to execute trade orders on behalf of their clients or on behalf of themselves. Securities that are bought from clients or other firms in the capacity of a dealer may be sold to clients or firms acting in the capacity of a dealer or they may become part of the firms' holdings.
There are key differences between an investment advisor and a broker dealer who they advise and how their duties are performed.
Here are the key differences between an investment advisor and a broker dealer:
An investment advisor provides advice on investment opportunities for their clients
A broker dealer executes trade orders on behalf of themselves and/or their clients
An investment advisor is regulated by the Securities and Exchange Commission
A broker dealer Securities and Exchange Commission as well as the Securities Investor Protection Corporation and the Financial Industry Regulatory Authority
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