The financial advising industry has changed dramatically over the past 20 years. When I worked for the country’s second largest brokerage firm back in 2005, we acted as our client’s broker. A broker is an investment professional who has passed their Series 7 licensing exam (as well as other state level exams) and charges a commission when transacting stock orders they recommend to their clients. Back in 2005, there was very limited access to the stock market via the internet.
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