Words & Confusion Header Image

Words & Confusion

Article headline image. Paul Truesdell on

In The Dark

On average, on the whole, and for the most part, most people do not know who they are dealing with when it comes to those who work in the financial services industry. The same is true for the legal profession when it comes to what to the duties and responsibilities of a legal assistant, paralegal, or attorney.

Words should have precise meanings.

Always know who you are dealing with. When in doubt, call us at 212-433-2525 or use the blue button found on the lower right of your screen to chat now.


A Broker/Dealer is a business entity.

A Registered Representative is a person who is affiliated with a Broker/Dealer.


A Registered Investment Advisor is a business entity.

An Investment Advisor Representative is a person who is affiliated with a Registered Investment Advisor.


An Insurance Agency is a business entity that is organized to sell insurance.

An Insurance Company is a business entity that is organized under state law to insure through underwriting.


An Insurance Agent is a person who is affiliated with an Insurance Agency.

An Accounting Firm is a business entity.

An** Accountant **is a person who offers accountancy services.


A Law Firm s a business entity.

An Attorney is a person who practices law, according to the laws, rules, and regulations of a state.


A Bank is a business entity and operates under state or federal charter.

A Banker works for a bank and may engage in savings, checking, money market accounts, investments, insurance, or lending through mortgages, vehicle, commercial, or with collateralized or unsecured loans.


The overwhelming majority of investment advisor representatives wear multiple hats. On Monday they are selling insurance for a commission. On Tuesday they are lending money. Wednesday comes around, and they are selling a 9% commission-based equity index annuity. Thursday is life insurance day. Friday is for golf as the commissions are coming in to the tune of a million dollars a year.

When it comes to investment advice and management, only work with a true-fiduciary.

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