76% of those surveyed did not know the difference between a sales representative of a Broker Dealer and that of a Registered Investment Advisor. The reason is the term “financial advisor’ is often utilized by stockbrokers, insurance agents and others who are looking to sell you a product.
A “broker dealer representative” is a salesman of stocks, bonds and mutual funds. Many times they also are also involved with the sale of insurance and their parent company can also provide mortgages (all for commissions). “Insurance agents” represents the interests of one or more insurance companies and only get paid when …Read More