Financial Planner
A professional specializing in the development of a comprehensive financial plan to meet an investor's tax planning, estate planning and insurance needs. Some financial planners can also offer investment management services to support the investor's overall plan objectives.

Form ADV
The uniform form used by investment advisors to register and update registrations with the Securities & Exchange Commission (SEC) and, in most states, with the applicable state regulator. The form is also used to comply with SEC Rule 206(4)-4, which obligates investment advisors to disclose significant financial and disciplinary information to clients.

Independent Investment Manager
A professional who offers advice on the development and management of an investment plan, and regularly reviews the client's portfolio to ensure his or her investment objectives are met. Independent managers are not employees of brokerage firms, banks, mutual fund or insurance companies.

Investable Assets
Items of value owned by an investor that can be moved readily to an account for investment in stocks, bonds, mutual funds and other financial instruments.

Limited Power of Attorney
A legal document in which an investor gives a third party, usually an investment manager or financial institution, the authority to trade on his or her behalf.

National Association of Securities Dealers (NASD)
An association of over-the-counter (OTC) brokers and dealers that establishes legal and ethical standards of conduct for its members. NASD was established in 1939 to regulate the OTC (now NASDAQ) market.

Portfolio
Combined holdings of more than one stock, bond, commodity, real estate investment, cash equivalent or other assets by an individual or institutional investor.

Registered Representative
An employee or partner in a brokerage firm who is registered to handle client accounts. A registered representative must pass an examination administered by the National Association of Securities Dealers.

Securities and Exchange Commission (SEC)
The SEC is an independent, nonpartisan, quasi-judicial regulatory agency with responsibility for administering the federal securities laws. The SEC also regulates firms engaged in the purchase or sale of securities, people who provide investment advice and investment companies.

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