"[T]he SEC explained that, if the broker-dealer is a dual registrant, but the advisor can only represent the brokerage side of the house, that is a 'material limitation' on the advisor's services. The effect of a material limitation is that the broker-dealer (or the advisor) must disclose that the advisor has a material limitation on his or her services and what that material limitation is.... [If] the material limitation is not disclosed by the broker-dealer, the advisor must disclose it. And the disclosure should be in writing."  MORE >>