Financial Advisor Data Glossary
Key terms for understanding financial advisor data, regulatory structures, and the wealth management industry.
AUM
Assets Under Management. The total market value of investments that a financial advisor or firm manages on behalf of clients.
BrokerCheck
FINRA's public database that provides background information on registered broker-dealer firms and their registered representatives.
CFP
Certified Financial Planner. A credential granted by the CFP Board requiring education, examination, experience, and ethics standards.
CRD Number
Central Registration Depository number. A unique identifier assigned by FINRA to every registered financial professional and firm.
Dual-Registered
An advisor registered as both an investment adviser representative (IAR) and a broker-dealer representative, able to charge both fees and commissions.
ERISA
Employee Retirement Income Security Act. Federal law governing employer-sponsored retirement plans, setting standards for plan fiduciaries.
FINRA
Financial Industry Regulatory Authority. The self-regulatory organization overseeing broker-dealers and their registered representatives in the United States.
Fee-Only
A compensation model where the advisor receives payment only from client-paid fees. No commissions, referral fees, or third-party compensation.
Fiduciary
A legal standard requiring the advisor to act in the client's best interest. RIAs are held to fiduciary duty; broker-dealers follow a suitability standard.
IAPD
Investment Adviser Public Disclosure. The SEC's database for looking up registered investment adviser firms and their associated investment adviser representatives.
IAR
Investment Adviser Representative. An individual associated with a registered investment adviser who provides investment advice to clients.
IMO
Independent Marketing Organization. An insurance distribution firm that recruits agents, provides product access, and handles back-office support for independent insurance professionals.
RIA
Registered Investment Adviser. A firm registered with the SEC (if managing $100M+ in assets) or state securities regulators to provide investment advice for compensation.
Series 65
The Uniform Investment Adviser Law Examination. Required for individuals who want to become investment adviser representatives. Covers fiduciary duty and advisory regulations.
Series 66
The Uniform Combined State Law Examination. Combines the Series 63 and Series 65, qualifying the holder as both a securities agent and investment adviser representative.
Series 7
The General Securities Representative license. Allows the holder to sell virtually all types of individual securities. Required for most broker-dealer representatives.
TAMP
Turnkey Asset Management Platform. An outsourced investment management solution that provides model portfolios, trading, and reporting for financial advisors.
Wirehouse
One of the four largest full-service broker-dealers: Morgan Stanley, Merrill Lynch, UBS, and Wells Fargo Advisors. Named for the wire communication networks they historically used.
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