Does a stockbroker owe a different standard of care than other financial advisors?

Does a stockbroker owe a different standard of care than other financial advisors? | Silver Law Group | Securities and Investment Fraud | Free Case Evaluation : [phone] | 11780 W. Sample Road | Coral Springs, FL 33065

There are various kinds of financial advisors in this country. The 2 most well known are investment advisors and stock brokers. Investment advisors are generally regulated by the Securities and Exchange Commission and the 1940s Securities Act. Stock brokers are generally regulated by FINRA, a quasi-governmental agency created by the SEC, and generally regulate most of Wall Street's major brokerage firms. They are generally held to a suitability standard, which is a much lower standard than what is required by investment advisors, who are obligated to act as a fiduciary or in the customer's best interest at all times.