On June 5, 2019, the Securities and Exchange Commission adopted Regulation Best Interest. Under it, a broker-dealer that is not also registered as an investment adviser is presumed to violate the rule’s disclosure obligation if it uses the word “adviser” or “advisor” in its name or title.
Firms had to comply by June 30, 2020. Brokers and investment advisers must also give retail clients a short form that explains which relationship they are entering.