Dealers and advisers – know the difference
“Dealer” and “adviser” aren’t just titles – they’re legal terms that describe a range of people who can trade in or give advice about investments. They refer to different registration categories and come with distinct education and experience requirements.
- Dealers can buy and sell investments for you, but they have to get your permission first.
- Advisers can give you advice and manage your portfolio.
- Some advisers can make decisions about your investments without asking you first if they have your permission in writing. This is called discretionary authority.
- Firms and individuals can be registered as both dealers and advisers – they can also be registered for different things (for example, to offer a wide range of products and services).
GETSMARTERABOUTMONEY.CA – Special to The Globe and Mail – February 10, 2014.
Want More Investigative Content?
