Yintoni uMthengisi-mthengisi?

Ingqungquthela yoBhalisi-Abadayisi ababhalisiweyo kubaTshali-mali abatsha

EUnited States, igama elithi "umthengisi-mboleki" libhekisela kumntu wendalo (umntu) okanye iqumrhu (ulwalamano oluqhelekileyo, ubambiswano obunqamlekileyo , inkampani ejongene nemfanelo , inkampani okanye elinye iqumrhu) elisemsebenzini wokuthenga kunye nokuthengisa amasheya. Umthengisi-mthengisi uqhuba ibhizinisi lokuthenga nokuthengisa amasheya ngokugcwalisa enye yeendima ezimbini kwintengiso:

1. Kwiimeko zokuqala, umthengisi-mthengisi wenza kwi-arhente yamandla njengomthengisi. Oku kuthetha ukuba umthengisi-mboleki unceda abathengi abathengi okanye bathengise ukhuseleko okanye iziqinisekiso ngokuthatha isenzo esifanelekileyo ukulungiselela ukurhweba. Umthengisa-mboleki akanalo nayiphi na yakhe, yena, okanye imali yakhe engozini kwaye uzama ukulinganisa umthengi kunye nomthengisi kunye nabanye abathengisi-mboleko okanye ngezinye iindlela ngendlela efanayo nomthengisi wezindlu ezingenakunceda umntu uthenge okanye uthengise ikhaya. Ukutshintshisa lo msebenzi, umthengisi-mboleki uhlawulwa ikhomishini.

1. Kwimeko yesibini, umthengisi-mthengisi wenza njengomthengisi ngokuba enye yeenqununu ngokuthengiselana. Oku kuthetha umthengisi-mthengisi ungaphesheya kwintengiselwano kwaye uthengisa okanye uthengise ukhuseleko kumthengi. Xa esebenza njengenqununu, umthengisi-mboleki kufuneka abhengeze, ngokubhaliweyo ukuba yena, yena, okanye usebenza njengomthengisi kwaye uchaze zonke iintlawulo kunye nembuyekezo. Ngokomzekelo, umthengisi-mboleki unokufumana uluhlu lweebhanki zikamasipala ezifunyenwe kubathengi abanqwenela ukuthengisa ngexesha elithile. Umthengisi-mthengisi uza kuphawula ubophelelo kwaye afumane ukusabalala phakathi kokuthi yena, yena, okanye uhlawule umxhesho kunye noko yena, yena, okanye uhlawula umthengi ekugqibeleni eze kunye aze anqume ukuthenga isibophelelo. Omnye umzekelo odumileyo wabathengisi-mboleki abenza njengabathengisi, okanye iinqununu, ungumenzi wemarike. Ukufumana ulwazi oluninzi malunga nabenzi bemarike, funda ntoni uMenzi weMatriki kwaye Benza njani Imali? ukuze ufunde indlela lo msebenzi wongeza ngayo ukuthengiswa kwemarike, kuxhamla kubathengi kunye nabathengisi.

Abadayisi-abathengi baxhomekeke kwimimiselo emide. Enyanisweni, unokuva umthengisi-mthengisi obhekiswe kuye ngokuthi "umthengisi orejisterelwayo" ngenxa yemfuneko yokuba umntu onjalo okanye ubhaliso lwezorhwebo kunye namagunya asemthethweni kunye / okanye karhulumente; imfuno ephuma kwiCandelo le-15 le-Securities Exchange Act ka-1934 emva kokuguqulwa okuye kwavela emva kowe-1929-1933 ukuwa kwezoqoqosho nakwiimarike ezinkulu.

Ngokomzekelo, abadayisi-mboleko abavunyelwe ukuhlawula zombini iikomishoni kunye nekhredithi kwi-transaction efanayo. Oko kukuthi, ngenxa yoshishino olunikeziweyo, banokuthi benze ngokusemandleni abo njengomthengisi (i-agency) okanye umthengisi (inqununu) kodwa kungabini bobabini.

Indlela Yokuba Umthengisi-Umthengisi

Amanyathelo afanelekileyo abandakanyekayo ekuqaleni umthengisi-mboleki aphezulu kakhulu ekugqibeleni apha kodwa ingcaciso emfutshane, isishwankathelo ngokwaneleyo kumntu oza kulandelwa ngolu hlobo lulandelayo. Okokuqala, kufuneka ulungise ngokwakho uqobo njengoko ungeke ufune ukuqhuba njengendlela yokufumana umnikazi wedwa ngenxa yecala elingenamkhawulo ekuya kutyhila ngalo. Oku kuthetha ukuba ushishino luhlelwe, mhlawumbi libe yinkampani ejongene nemfanelo ngaphandle kokuba unesizathu esichukumisayo sokusebenzisa esinye isakhiwo somthetho, ukufumana ilayisenisi yezoshishino, ukuvula iibhanki zebhanki kunye nokuxhasa loo ma-akhawunti kunye negalelo eliyinkunzi, ukubhalwa nokusayina isivumelwano sokusebenza , ukuseta inkqubo yakho yokuphendula, kunye nemisebenzi emininzi ehamba kunye nesicwangciso.

Emva koko, kuya kufuneka ukuba uqinisekise ukuba uhlangabezana neemfuno zeemfuno ezisemthethweni zomthengisi-mthengisi, oya kutshintsha ngokubhekiselele kwimeko ecacileyo yenkampani yakho. Ukuba uya kusebenza kwi-arhente yesakhono, kuya kufuneka ufike kwindawo ethile phakathi kwe-$ 50,000 kunye ne-100,000.

Ukuba umthengisi wakho uza kusebenza kwinqanaba elinqununu, uya kufuna ukuza ne $ 100,000 ukuya kwii-150,000 zamaRandi. Ngaloo mgca, uya kufuna ukufumana ilungelo nge-FINRA ukwenzela ukuba unokomeleza kwiinkqubo ze-MDD kunye ne-CRD. Kule nkqubo, uya kufaka ifomu BD kwiibhunga ezilawulayo ezifanelekileyo. Ukuba uvunyiwe, uya kufuneka ube ilungu le-SRO, elifutshane kwintlangano yokuzilawula. Uya kufuneka ukuba iqumrhu lakho libe lilungu leCandelo lezoKhuseleko loTyalo-mali, olubonelela nge-inshurensi ye-SIPC kubathengi abamba i-akhawunti yabo yokuthengisa ngebhizinisi lakho elitsha . Uya kufuneka ukuba ube ngummeli-umthengisi obhalisiweyo (nokuba unomnikazi we-broker-dealer, ufanele ube ngummeli-umthengisi wenkampani), efuna ukudlulisa olunye uphando okanye uvavanyo oluninzi olunjalo Uchungechunge 7 oluyimvavanyo yeeyure ezintandathu ezibandakanya uluhlu olubanzi lwemibuzo malunga nokuthengiswa kwamasheya kunye nezinye izihloko.

Uluhlu luphelele. Ufuna inkqubo yolwaphulo-mali ekhoyo. Ufuna izivumelwano kunye nabashenxi bokucoca. Ukuba ufuna ukufumana ukukhanya okuvela ku-FINRA kumthengisi wakho omthengisi omtsha, kufuneka udlulise iSichungechunge 63, ufumane iimpepha, kwaye kufuneka ugcine abantu abaningana kubasebenzi ngeendima ezithile kwaye banamazinga athile amava. Kuvumelekile ukuba uthe, ukuvula i-broker yakho ebhalisiweyo ayikho into oyenzayo ngethuba.

I-Broker-Independent Broker-Dealer ku-United States

Ngokutsho kweeNkcazo zeTyalo-mali, abahwebi abakhulu abangamashumi amabini anamahlanu abazimeleyo kwi-United States bavelisa ngaphezu kweebhiliyoni ezingama-20 kwingeniso ehlangeneyo ngonyaka. Eyona nkulu, inkampani ebizwa ngokuba yi-LPL yezeMali, ivelisa imali engamaRandi ayi-4.3 kwiingeniso-mali, i-Ameriprise Financial, eyona nto ihamba phambili ngaphezu kwe-3.7 billion, kunye neyesithathu enkulu, uRaymond James Financial, ivelisa ngaphezu kwe-$ 1.5 billion.

Abanye abadayisi bemali-mboleko baquka iinqununu; Amagama asekhaya ahlala eyingxenye yequmrhu lezemali ezifana ne-broker-dealer ukwahlula kwamagumbi okufumana imali njengeCharles Schwab & Inkampani, i-TD Ameritrade, i-Fidelity Investments, i-Scottrade, kunye ne-Interactive Brokers, nje ukubiza ngambalwa. UCharles Schwab & Inkampani, ukubonelela ngomzekeliso omnye, unama-dollar ayi-2,5 trillion kumpahla yabaxhasi abagcinwe esitokisini. Ukunyaniseka akusekho ngaphaya kwe $ 1.5 trillion kwiimpahla zabaxhasi ezigcinwe esitokisini. Iinkampani ezinjengeCharles Schwab nazo zinamabhanki kunye nezinye iinkxaso-mali ukwenzela ukuba zibonelele ngeenkonzo ezibandakanya zonke-abazityala bakho.

Ukuqonda ukuhluka phakathi koMthengisi-mthengisi kunye noMcebisi wezeNtengo obhalisiweyo

Ukuthetha ngokubanzi, ngaphandle kwe-broker-dealer, omnye udidi oluphezulu lokubhalisa kumntu wendalo (umntu) okanye iqumrhu (ulwalamano oluqhelekileyo, ubambiswano olulinganiselweyo, inkampani ejongene nemfanelo, inkampani okanye elinye iqumrhu) esebenza kwiicandelo lezobambiso into ebizwa ngokuba nguMcebisi wezeNtengo obhalisiweyo . Nangona abadayisi-mboleki befuna ukubhaliswa emva koMthetho wokuTshintshiselwa koTywala ka-1934, Abacebisi abaThengisiweyo boTyalo-mali, okanye ii-RIA njengoko kuthiwa ngamanye amaxesha, okokuqala beza kwifomu yabo yangoku ngokugqithiswa koMthetho we-Advisor Advisers Act ka-1940. Nangona uluntu ngamanye amaxesha idibanisa abadayisi-mboleki kunye nabacebisi ngezeNtlawulo eziBhalisiweyo, zizinto ezihluke kakhulu. (Kubalulekile ukuqaphela ukuba igama elithi "ibhaliswe" kuMcebisi wezoTyalomali obhalisiweyo akusiyo isihloko okanye alumeli nayiphi na inqanaba lolwazi, ubuchule okanye ubuchule. ukubandakanya ishishini.)

Okokuqala, abadayisi-mboleko banamathele kumgangatho ophantsi wokuziphatha kubathengi babo, abafuna ukulungelelanisa isincomo esekelwe kwinto eyaziwa njengefanelekileyo. Okokuthi, umdayisi-mboleki ufuna kuphela ukubonisa ukuba ukhuseleko olunconywe kumthengi lufanelekile ngokubanzi kweso siklayenti; umzekelo, ummeli womthengisi wayengenalo umhlolokazi oneminyaka engama-93 athengise zonke iimbophelelo zakhe ukuze atyale yonke into kwimali yokuthengiselana ngemali echanekileyo njengokuba bekuya kungafanelekanga. Ukugxekwa kwalo mgangatho kukuvumela ukuba abathengi baxhasi bancede batyekele iimveliso kunye neenkonzo eziyimali yabo, kungekhona umdla wabathengi, kubandakanywa nokuba nomthengi uthenge umthwalo ongaphantsi kwe-ideal-to-the-client. -iimeko zengxowa- mali , ezinye ziphethe i-sales sales of 5.75%. Ezi zixa-mali zihlangane nazo ziba neendleko eziphezulu zeendleko , ngokunjalo. ISebe lezeMisebenzi linqume ukuthabatha oku kumgangatho, ubuncinane njengoko kubhekiswe kwiakhawunti yomhlala-phantsi, kwaye idlulisele umgaqo owenziwe ngokukhawuleza. Lo myalelo omtsha ufuna abadayisi-mboleki abaphatha i-akhawunti yomhlalaphantsi, njenge- Roth IRA , ukuba benze njengesiqinisekiso esibophelelwe ngumgangatho wesigqibo .

Imilinganiselo ye-fiducyary iyona nto ibaluleke kakhulu kuba ibonisa umthwalo onyanisekileyo umntu omnye unokunyanzela omnye umntu phantsi komthetho waseMelika. Omnye osebenza njenge-trustee kufuneka enze into enomdla kumntu omele okanye owakhonzayo. Iimbambano zentlalo kufuneka zivezwe. Imigangatho yokuziphatha imele ifaneleke. Iingcebiso zotyalo-mali ezinikeziweyo kufuneka zibe ngaphezu kokufanelekileyo; umzekelo, uya kuba nexesha elinzima ukuzichaza ukuba unomntu otyalomali otyalo-mali kwi-fund eyayinikezela ngokufanayo, kodwa loo nto yayingabizi kakhulu xa unesigxina. I-standard standard idibanisa kakhulu into yokuba kukho iimeko apho umzali anika imali ngomntwana nge-akhawunti ye-UTMA - uhlobo lwetayitile elawulwa yiNguqulelo engaqhelekanga kuMthetho omncinci wommandla onikwe umgcini, umniki-mpahla, ubamba impahla, njengemasheya kwi-akhawunti ye-brokerage, kumntwana omncinane phantsi komsebenzi wokubambisana kuze kube yilapho umntwana omncinci afinyelela kwiminyaka yokukhula, ngokuphindaphindiweyo 21 kodwa ngezinye iimeko zibeka umda wokuzikhethela ophezulu ukuya kuma-25 wasebenzisa imali ukuhlawula inkxamiseko yonyango yengane kuphela ukuba inkundla inqume ukuba umzali ahlawule yonke imali ngembuyekezo .

Kwiminyaka yakutshanje, abanye abaBeluleki bezoTyalo-mali abhalisiweyo baye bathatha umsebenzi wokubambisa ngakumbi ngokuzivakalisa ukuba "yintlawulo kuphela". Umrhunywa-mali oMrhumo-mali oBhalisiweyo unikezela zonke iifom zeembuyekezo kunye nokwenza umthombo wodwa wenkokhelo evela kwimali, ngokuqhelekileyo njengepesenti yezinto eziphantsi kolawulo kwinto efana ne- akhawunti ephethwe ngabanye , ihlawulwa kwenkampani ngokuthe ngqo ngumxhasi. Ingxabano iya kuba oku kunciphisa kakhulu ukuxabana komdla phakathi kwenkampani kunye nomthengi kuba iqumrhu lingabi naliphi inzuzo yezezimali ngaphandle kokunceda umxhasi ukuba akhulise ubutyebi bakhe njengemali engaphezulu komlawuli phantsi kwezimali, imali engaphezulu i hlawulwa. Njengoko ndichazile kwinqaku ebizwa ngokuba yiAsset Management Companies kubaQala , oku kudla ngokuqhelekileyo phakathi kweefisi ezijoliswe kumhlaba othe tye kwaye uphakamileyo njengoko kunokuba nzima ukuba kunikwe iincwadana ezincinci ngendlela efanelekileyo.

Yintoni uMrhwebi-Mthengisi oBhalisiweyo ngabanye?

Umntu onobhaliso-mboleko ngumntu wendalo (umntu) okanye iqumrhu (ubambiswano ngokubanzi, ubambiswano obunqamlekileyo, inkampani ejongene nemfanelo, inkampani okanye enye into) ebhaliswe kabini njengomthengisi-mboleko kunye ne-Investment Registered Umcebisi. Nangona kuphakama ukunyuswa, ukubhaliswa kabini kunokuba lukhohlisayo kuba kunokuba nzima kumthengi okanye umthengi ukuba ahlule kwingqondo yakhe amandla asebenzisana naye nommeli nganoma yimuphi umzuzu. AmaFemu awela kuloluhlu ngamanye amaxesha athiwa ngaba "abacebisi" abaxeliweyo. Enyanisweni, ummeli apho umsebenzisi osebenza khona kufuneka atshintshe phakathi kweengubo ezimbini, enqumle ukuba kufuneka asebenze njengenkohlakalo, eziphatha ngendlela efanelekileyo kumthengi, okanye umdayisi-mboleki, oko kumvumela ukuba akhiphe imali ngeniso ngokuthengisa iimveliso zeemali zabathengi ezihlangabezana nomgangatho ofanelekileyo. Abalawuli ababonakala ngathi bathabathe ukujonga ngakumbi njengoko inani labathengisi be-broker-ababhalisiweyo liye landa kwiminyaka yamuva nangona oko kusengumlinganiselo omncinci wecandelo lezezimali jikelele. Ukubeka isicatshulwa kuso, i- Wall Street Journal yaqalisa ibali ngo-Matshi 26, 2015 ebizwa ngokuthi ngabaBeluleki boTyalo-mali abaBhalisiweyo ngabanini-ntengiso (Blended Broid -Fiduciary Line ) nguMattias Rieker othi, "Inani labacebisi ababini ababhalisiweyo lihlala lincinci kodwa linyuka 50% phakathi kuka-2008 no-2013, ukuya kuma-24,000 kwabasebenzi abacebisi abangaphezu kwama-285,000 ngokweengxelo zecandelo lophando uCerulli. "

Yintoni ekufuneka i-Investor ifune kwi-Broker-Dealer?

Ukuba ucinga ngokusebenza nomthengisi-mboleki, kukho izinto ezimbalwa omele uziqwalasele ngaphandle kwimiba ecacileyo njengamandla ombane kunye nokulawula okufanelekileyo kunye nezinye iziqinisekiso.

1. Ingaba umthengisi-nomthengisi okanye umthengisi-mthengisi unembali yezobugebengu, imbali yezigxeko zokungaziphathi kakuhle, okanye ezinye iinkcukacha ezifunekayo onokuziqonda? Ukuze ufumane impendulo, sebenzisa inkqubo ye-FINRA BrokerCheck ukuphanda izikhalazo ezifakwe kwi-broker-dealer ocingela ukuyibeka ngemali yakho.
2. Ngaba ukhululekile? Mamela emathunjini akho, kwaye ubolekise ingcamango evela kumtyalomali owaziwayo, kuphela usebenze nomntu "othanda, uyamthanda, kwaye uthembele". Ukuba oko kunjalo, ilizwi elincinci kwimva yentloko yakho okanye intliziyo ikuxelela ukuba uhambe, ungayihoyi. Unokuhlala ufumana umthengisi-mthengisi. Akunakufuneka usebenze nomntu othile, okanye nakwinkampani ethile. Ungalokothi ukhohlwe ukuba yimali yakho.
3. Ingaba ummeli-mthengisi womthengisi uyakuphulaphula? Ngaba uyaziqonda iimeko zakho, iimfuno, iimeko, ezifunayo, izinto ezikhethiweyo kunye nexabiso?
4. Ngaba iifayile zokudalula zicacile? Ngaba uyayiqonda into oza kuyenza kunye noko uza kuhlawula?