RRs of a Broker-Dealer who also engages in the business of providing investment advice are required to affiliate with a Registered Investment Adviser. As Investment Adviser Representatives (IARs) they are held to the "Fiduciary Standard" as defined under the US Investment Advisers Act of 1940 when providing investment advice to clients. This requires the dually registered Financial Advisors recommending a security to clearly communicate to their clients whether they are brokering suitable security as a RR or providing investment advice as an IAR and therefore acting as a fiduciary. Some "dually registered" advisors are limited in the scope of their recommendations by their affiliation with their broker-dealers and therefore do not have unfettered access to all product/service solutions for their clients. This is known as a "Captive Platform" which many dually registered or "Hybrid" advisors are affiliated with. Only "Independent RIAs" (those not affiliated with (or restricted by) a broker dealer) can be considered true fiduciaries.