Practical Application

Like virtually all investment professionals, Amy Adams will never register as a broker-dealer. In reality, the number of broker-dealers in the country may number less than 1,000 and the vast majority of these are firms, not individual professionals. However, these broker-dealers may literally employ hundreds of thousands of investment professionals as agents.

The firm that Amy Adams works for is one such firm. In addition to acting as an investment advisor to some of its customer