Updated Sunday, August 30, 2015 as of 10:39 PM ET

Regulators Redefine Assets

When registering as an investment adviser, the Form ADV asks if I have discretion to select the broker-dealer for my clients. All my clients have discretionary accounts with me and I only use one brokerage firm so I thought the answer to this question would be "yes". However, I've been told I should mark the answer "no". Can you explain?

— M.C.,Virginia

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