What is the primary regulatory distinction between a registered investment adviser (RIA) and a broker-dealer?
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A
RIAs can only manage retirement accounts, while broker-dealers manage taxable accounts
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B
RIAs are held to a fiduciary standard, while broker-dealers traditionally follow a suitability standard
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C
Broker-dealers are registered with the SEC, while RIAs are registered with FINRA
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D
RIAs earn commissions on trades, while broker-dealers charge flat advisory fees