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Pennsylvania DB&S educator outlines how to choose investment accounts and professionals
Summary
Katrina Boyer, Investor Education Coordinator at the Pennsylvania Department of Banking and Securities, advised investors to match account type and adviser fee structure to goals, verify registrations via BrokerCheck and review client relationship summaries required by a 2020 rule.
Katrina Boyer, Investor Education Coordinator with the Pennsylvania Department of Banking and Securities, told attendees of a Moms on the Money Trail presentation that investors should match account type and adviser to their financial goals and verify credentials before hiring.
"Did you know that in Pennsylvania, the Department of Banking and Securities has more than 200,000 registered investment professionals?" Boyer said, using the figure to underscore why verification matters. She defined brokerage accounts as taxable investment accounts for buying and selling stocks, bonds and mutual funds and contrasted them with employer retirement plans.
Boyer explained the difference in adviser roles and pay structures. Broker-dealers or registered representatives, she said, "are going to be paid on a commission," typically…
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