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

Definition: The term “hybrid” is at times used to describe different types of affiliation models, but it is generally accepted to refer to when a financial advisor is affiliated in some capacity with both a broker-dealer and also an RIA.

When used in an RIA context: “The financial advisor chose a hybrid affiliation model for their practice.”

See also: Episode 35, Episode 101, broker-dealer