Recent statistics of the Financial Industry Regulatory Authority (FINRA) indicates that there are over 637,000 individual registered representative associated person stockbrokers in the United States employed by over 4,000 FINRA broker dealer member firms. Separately, statistics of the Securities and Exchange Commission Division of Investment Advisors indicates that there are approximately 238,000 investment advisor representatives (IARs) employed by over 4,000 registered investment advisor (RIA) firms in the United States.
Is your financial advisor a FINRA registered representative/stockbroker, an investment advisor representative of a registered investment advisor firm - or both? Yes, there are also 28,000 duly registered financial advisors in the United States who are both FINRA registered representative stockbrokers employed by FINRA member firms and investment advisor representatives employed by registered investment advisors. As confusing as this may sound, these separate titles also may carry separate levels of professional, legal, ethical fiduciary, financial and regulatory responsibilities.
We offer a free initial consultation to investors who feel they may have been victimized by their registered representative stockbroker or investment advisor representative. For a free initial consultation, contact The Law Offices of Timothy J. O'Connor at (518) 426-7700.