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It Pays to Understand the Roles of Financial Professionals

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State of IN
INDIANAPOLIS (May 8, 2013) – Today, Secretary of State Connie Lawson is reminding investors of the importance of understanding the distinctions between the various types of financial professionals.
“Whether you are just starting a retirement fund or need additional help with growing and managing your money, you may benefit from selecting an investment services professional. It pays to understand the differences between a broker-dealer agent, an investment adviser representative and a financial planner. Each serves a distinct role in helping with your financial future,” said Secretary Lawson.
To help investors understand these differences, the Secretary of State’s office has issued an investor advisory providing basic information on these types of financial services professionals and their obligations to investors. The advisory is available at http://www.in.gov/sos/securities/files/Financial_Professionals_IN.pdf
For example, Securities Commissioner Chris Naylor noted that anyone licensed as an investment advisor must, by law, act as a fiduciary and put the interests of his or her clients ahead of their own.
“With so many brokers and salesmen calling themselves ‘financial advisers,’ or ‘investment consultants,’ it is easy to see how investors might assume these individuals are licensed investment advisors,” Commissioner Naylor said. “That’s one reason why federal securities regulators should require all financial professionals providing investment advice to retail investors to be held to a high fiduciary standard.”
The investor advisory also provides questions to ask your financial professional and warning signs to watch for. For more information, contact the Secretary of State’s office at 1-317-232-6681 or visit us online at IndianaInvestmentWatch.com.
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