What is IAR-Only in the context of a Registered Investment Advisor (“RIA”)?

Definition: This is when a financial advisor is solely an Investment Advisor Representative (“IAR”) of an RIA, without also being dually registered as a Registered Representative of a broker/dealer. This terminology is typically used to refer to a 100% fee-only financial advisor at an RIA, or a financial advisor at a dual BD/RIA, where they are solely under the RIA side of the firm.

When used in an RIA context: “The financial advisor is affiliated with the IAR-Only channel of the BD/RIA.”

See also: Episode 64, Episode 127, Investment Advisor Representative, IAR, broker/dealer, BD, Registered Representative