The regulatory framework for financial advisors is fragmented, with multiple state and federal regulators. Although prior empirical literature on financial advisors has largely focused on individuals regulated as brokers under FINRA’s primary authority, we define financial advisors by function...

Financial advisor misconduct often has devastating consequences, leading lawmakers to seek tightened investor protections at the federal level. But many advisors can choose whether to be federally regulated or instead overseen by state insurance regulators, giving advisors with a history of...