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The differences between Investment Advisers and Brokers have long confused retail investors. Despite different governing statutes, many investors are still left wondering as to which services each provides and to which legal standard they are subject. Adding to this problem has been the rise of online and mobile platforms for investing that offer many of the same services and compensation structures as Advisers and Brokers, yet subject investors to a third distinct level of legal protection. This Note identifies the problems inherent in the current system and explores several possible solutions that could reduce consumer confusion and potential investor harm with minimal impact on market efficiency. In the end, this Note identifies the need for new legislation governing all financial advisers, which creates a unified fiduciary standard across all three forms of financial adviser as the optimal solution. This Note illustrates the precedent for such an extension of fiduciary obligations as well as how this standard must be tailored to best balance the interests of both investors and financial advisers.

Frustration, anger, and aggression have important consequences for economic and social behavior, concerning for example monopoly pricing, contracting, bargaining, traffic safety, violence, and politics. Drawing on insights from psychology, we develop a formal approach to exploring how frustration and anger, via blame and aggression, shape interaction and outcomes in economic settings.

The COVID-19 pandemic has led many people to suffer from emotional distress. Previous studies suggest that women process and express affective experiences, such as fear, with a greater intensity compared to men. We administered an online survey to a sample of participants in the United States that measures fear of COVID-19, perceptions about health and financial risks, and preventative measures taken. Despite the empirical fact that men are more likely to experience adverse health consequences from COVID-19, women report greater fear and more negative expectations about health-related consequences of COVID-19 than men. However, women are more optimistic than men regarding the financial consequences of the pandemic. Women also report more negative emotional experiences generally during the pandemic, particularly in situations where other people or the government take actions that make matters worse. Though women report taking more preventative measures than men in response to the pandemic, gender differences in behavior are reduced after controlling for fear. These results shed light on how differences in emotional experiences of the pandemic may inform policy interventions.