Registered Investment Adviser
Also called: RIA, investment adviser, advisory firm
An RIA is a firm registered with the SEC or a state to give investment advice for a fee, and it owes clients a fiduciary duty. That's the structural difference from a broker-dealer, which historically owed only suitability and now best interest. Many advisers are dually registered and switch hats between roles, which is precisely what makes the distinction hard for clients to see.