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401(k) Plan Sponsors Not Only Ones Affected by Adviser/Advisor Terminology
Fiduciary News; registration may be required 
Oct. 28, 2014
"'The distinction is more than just a letter. An 'advisor' who offers investment advice under the Investment Advisers Act of 1940 is an 'adviser.' A broker who does not serve in a fiduciary capacity can only be called an 'advisor.' Someone who designates themselves as an 'adviser' is essentially offering services under the Investment Advisers Act of 1940, the SEC, and FINRA because they are offering investment advice to their clients which means they are serving in a fiduciary capacity. It's the beauty and the richness of the English language that one letter can mean so much. The problem is that plan sponsors don't know the difference," says Ary Rosenbaum, an ERISA attorney at The Rosenbaum Law Firm located in Garden City, New York"."
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