Brokers or Investment Advisers? The US Public Perception

Authors

Patrick A. Lach, Indiana University Southeast
Leisa Reinecke Flynn, Valdosta State UniversityFollow
G. Wayne Kelly, University of Southern MississippiFollow

Document Type

Article

Publication Date

1-1-2019

School

Finance

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.”

Publication Title

Financial Analysts Journal

Volume

75

Issue

3

First Page

125

Last Page

131

Recommended Citation

Lach, P. A., Flynn, L. R., Kelly, G. (2019). Brokers or Investment Advisers? The US Public Perception. Financial Analysts Journal, 75(3), 125-131.
Available at: https://aquila.usm.edu/fac_pubs/18070