when you open an account with a broker dealer will be required to provide certain types of information 
before opening an account with anyone you should check the broker s background and disciplinary history the sec s website provides guidance for finding a broker s background or disciplinary history broker s will generally ask for this personal information from their customers you will also need to decide what type of brokerage account you want to open broker dealers usually offer two types of accounts a cash account and a margin account finally you will need to make some investment decisions for your account you also have the option of granting discretionary authority to someone else to make decisions for you on your account 4there are over 3 400 securities firms according to finra some of the largest broker dealers include fidelity investments charles schwab and edward jones 5broker dealers can be either individual or a firm a general partnership a limited partnership limited liability company corporation or other entity there are more than 3 400 broker dealers from which to choose according to the most recent data from the financial industry regulatory authority finra 6the bottom linedealers are people or firms who buy and sell securities for their own account whether through a broker or otherwise dealers are regulated by the securities and exchange commission sec dealers are important because they make markets in securities underwrite securities and provide investment services to investors 