Professional management requires several entities and consultants. It can be confusing to figure out who is responsible for what. Comprehensive management of investments requires three components: advice (investment advisor), planning (financial planner), and execution of trades (broker-dealer). Affluent investors who want all these components provided by a single manager should consider institutional direct. Unfortunately, the lines between these components become messy because investment advisors don’t always explain the other parties and their roles. Investment Advisors Investment advisors use their skill and knowledge of the industry to help investors allocate their monies based on their goals, risk, needs, and time horizon. Advisors consider where the investor is in their journey, and how much they need to save for the future. A good investment advisor guides their clients to make the right decisions with their money for an annual fee. Most investment advisors don’t have a license to execute trades as a broker-dealer, and often they are employed by an investment firm/broker-dealer. Many advisors are limited to only advising on how to allocate your money. Blurred Lines It can be confusing when a retail investment advisor presents