Investor's Watchdog.com: Stock, finance and investment protection for investors

If it comes to dispute between you and your broker, he will claim that he owes you no more duty than the guy who sold you your Egg McMuffin this morning.  He’ll claim that you never looked to him for guidance, but that he simply took your orders and executed them as directed.  The shocking thing is that the law in some states allows him to get away with that.If you want advice from someone who has a legal duty to protect you, you need a registered investment adviser rather than a broker.  Registered investment advisers(RIA) have a fiduciary duty to their clients.  They have to put your interests ahead of their own and must disclose any potential conflicts of interest.  A broker, on the other hand, can hide his compensation from you and get away with things that an RIA can’t.To many of you this is news.  You thought the terms “stockbroker” and “investment adviser” were synonyms.  Far from it.  While you must thoroughly investigate before entrusting them with your nest egg, the law imposes duties on investment advisers that will protect you to a greater extent.  If you are relying on a broker for investment advice consider whether you care enough about protecting your assets to instead hire an investment adviser.