What is the Financial Industry Regulatory Authority in the context of a Registered Investment Advisor (“RIA”)?

Definition: The Financial Industry Regulatory Authority (“FINRA”) is the self-regulatory body that oversees broker-dealer firms.

When used in an RIA context: “While RIAs are regulated by either the SEC or state in which the firm resides, broker-dealers are regulated by the Financial Industry Regulatory Authority.”

See also: Episode 127, FINRA, broker-dealer