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Brokers or Investment Advisers? The US Public Perception

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  • Patrick A. Lach
  • Leisa Reinecke Flynn
  • G. Wayne Kelly

Abstract

We find that individuals are confused by the titles used by investment professionals and cannot distinguish between investment advisers and brokers. This confusion persists even among those with investment industry experience, a college degree, or a high level of perceived knowledge (one’s self-assessment or feeling of knowing the information). Surveyed individuals better identified the brokerage responsibilities of “an investment sales representative” (an alternate title for broker) than the more ambiguous titles brokers often use, such as “financial advisor.” Disclosure: One of the authors, Patrick Lach, owns and operates an independent investment advisory firm.Editor’s NoteSubmitted 17 January 2019Accepted 13 March 2019 by Stephen J. Brown

Suggested Citation

  • Patrick A. Lach & Leisa Reinecke Flynn & G. Wayne Kelly, 2019. "Brokers or Investment Advisers? The US Public Perception," Financial Analysts Journal, Taylor & Francis Journals, vol. 75(3), pages 125-131, July.
    • Handle: RePEc:taf:ufajxx:v:75:y:2019:i:3:p:125-131
    DOI: 10.1080/0015198X.2019.1600957
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