What is the difference between an Independent Investment Advisor and a Broker or an Investment Advisor employed by a brokerage?

A big difference is the Independent Investment Advisor has a fiduciary duty to do what is best for the client. A Broker or an Investment Advisor employed by a brokerage are exempt from the Investment Advisors Act of 1940.

• Click here for a short Business Week article that discusses this subject.
  
  
• Investment Advisers: What You Need to Know Before Choosing One on the SEC web site
  
  
• To see LTBC's ADV Part I at IAPD click here.
  
  
• To see LTBC's ADV Part II click here.
  
  
• Helpful industry links:
  
  
  • LTG Capital for other financial links
    
    
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