FOR IMMEDIATE RELEASE
Wednesday, May 01, 2013
Contact: Liz Abram-Oldham, (573) 526-0949
It Pays To Understand The Different Roles Of Financial Professionals
Jefferson City, MO – Secretary of State Jason Kander today reminded investors of the importance of understanding the distinctions between 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," Kander said.
To help investors understand these differences, Kander's Securities Division has issued an investor advisory providing basic information on these types of financial services professionals and their obligations to investors.
For example, anyone licensed as an investment advisor must act as a fiduciary for the investor, which effectively means investment advisors must put the interests of their 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," Kander said. “Before you invest, call my office to make sure the person offering the investment is registered."
The investor advisory also provides questions to ask your financial professional and warning signs to watch for.
For more information or to request a copy of the advisory, contact the Securities Division at 800-721-7996.
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