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The Essential Executor’s Handbook by David G. Hoffman

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Chapter 11

The Broker: Meeting Your Fiduciary Obligations

Buying and selling securities is probably the one financial activity that most Americans know nothing about. Even though about half of Americans participate in a 401(k) or similar retirement plan through work, the vast majority leave the investment decisions to the plan administrator who, in turn, usually relies upon the advice of a broker. So, it seems prudent to begin this chapter with an explanation of the terminology used by an industry that both reflects and affects the world’s economy.

Broker and Brokerage

Collectively, investments such as stocks and bonds are known as securities. The people who invest in securities usually do so through a regulated professional known as a broker ...

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