Episode Summary Four people hand you a business card, and all four say "Financial Advisor". Yet, one can only sell you mutual funds, one can trade almost anything, one can make trades without calling you first, and one isn't registered to sell securities at all. In this episode, John and Jane break down how identical-looking business cards hide completely different legal realities. They look behind the curtain at the "fit and proper" gateway, draw the "discretion line" that governs who controls your trades, and provide a crucial forty-second check that can stop investment fraud before it even starts.

Key Concepts

• The "Fit and Proper" Standard: Registration is an ongoing regulatory permission system. It tests three pillars: proficiency ...