Traditionally, there have been two types of advice available to investors, brokerage accounts and advisory accounts. Most investors don't know the difference between these two kinds of accounts. In a recent TD Waterhouse survey:

• 58% of investors believed both stockbrokers and Independent Registered
  Investment Advisors have a responsibility to act in their best interest.



• 63% believed that stockbrokers and Independent Registered Investment
  Advisors were both required to disclose all conflicts of interest before providing
  financial advice.



• 81% were concerned that both stockbrokers and investment advisors provide
  fee-based advice, but offer different levels of protection.



• 89% said they would rather work with an investment advisor if they knew advisors provided greater investor protection than stockbrokers.

Click here to download the "2004 U.S. Investor Perception Study"
commissioned by TD Waterhouse