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DEFINITIONS
By Staff Reporters
SPONSOR: http://www.MarcinkoAssociates.com
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While IAs and FAs may seem the same, they are not the same. The Financial Industry Regulatory Authority (FINRA) and the Securities Exchange Commission (SEC) have clearly defined investment advisors as distinct from financial advisors.
The term financial advisor is a generic one that can encompass many different financial professionals, although it most commonly refers to stock brokers (individuals or companies that buy and sell securities).
Investment advisor, on the other hand, is a legal term and thus has a more clear-cut definition – or at least as clear as legalese is apt to be.
KEY DIFFERENCES:
- Financial advisors help with all aspects of your finances, including saving, budgeting, insurance, retirement planning, and taxes.
- Investment advisors focus specifically on choosing and managing investment portfolios.
- Financial advisors offer broader financial guidance, while investment advisors concentrate solely on investments.
- Investment advisors are held to the fiduciary standard, while financial advisors who work as brokers may operate under different rules.
MORE: https://www.financestrategists.com/financial-advisor/advisor-types/investment-advisor/
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