It Pays to Understand the Different Roles of Financial Professionals

 

IT PAYS TO UNDERSTAND THE DIFFERENT ROLES OF FINANCIAL PROFESSIONALS

           

May 1, 2013 – In recognition of Financial Literacy Month, the Iowa Insurance Division today reminded investors of the importance of understanding the distinctions between the various types of financial professionals.

“Whether you are just starting a retirement fund or need additional help with growing and managing your money, you may benefit from selecting an investment services professional. It pays to understand the differences between a broker-dealer agent, an investment adviser representative, and a financial planner. Each serves a distinct role in helping with your financial future,” said Securities Administrator Jim Mumford.

To help investors understand these differences, the Iowa Insurance Division has issued an investor advisory providing basic information on these types of financial services professionals and their obligations to investors.

The investor advisory also provides questions to ask your financial professional and warning signs to watch for.  The advisory can be viewed at this site on the Division’s website at this web address:  http://www.iid.state.ia.us/node/49 ..

For more information, contact the Insurance Division at 877-955-1212.

About the Iowa Insurance Division

The Iowa Insurance Division (IID) has general control, supervision and direction over all insurance and securities business transacted in the state, and enforces Iowa’s insurance and securities laws and regulations. The IID investigates consumer complaints and prosecutes companies, agents and brokers engaging in unfair trade practices. Consumers with insurance or securities-related questions or complaints may contact the IID toll free at 877-955-1212 or visit the Division on the web at www.iid.state.ia.us.

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