Broker-Dealer

A firm registered with FINRA and the SEC to buy and sell securities on behalf of clients (broker) or for its own account (dealer). Broker-dealers are not held to a fiduciary standard; their representatives are subject to suitability or Reg BI requirements. Many large financial services firms operate as both a broker-dealer and an RIA.

Often confused with:

Registered Investment Adviser (RIA), Dually Registered