Who this helps
- - Startup founders
- - Product teams
- - Compliance teams
Role labels are not enough
A fund pools capital. An adviser gives advice or manages portfolios. A broker or dealer touches transactions. A custodian safeguards assets. A market operator brings together trading interest. Real businesses often combine these functions.
Regulators look past labels. A platform that calls itself software may still route orders, recommend products, hold client assets, or receive transaction-linked compensation.
Use the client journey
The best way to test roles is to walk through the client journey from first marketing contact to onboarding, advice, investment decision, execution, custody, reporting, complaint handling, and exit.
Each step should have a named legal entity, individual owner, source link, and evidence item.
Practical checklist
- - Draw the full client journey.
- - Mark advice, dealing, custody, marketing, and platform steps separately.
- - Check public registers for the exact legal entity, not only the trading name.
Disclaimer
Information on LicenseCompare is for general educational purposes only and does not constitute legal, regulatory, financial, tax, investment, or professional advice. Licensing requirements depend on facts and change over time. Always consult official regulator materials and qualified professional advisers.