ABSTRACT
This chapter is concerned with the stockbroker who acts on behalf of the private investor. It reviews the institutional aspects relevant to the private client stockbroker, including in this the legal framework to which the stockbroker must adhere. The scope and nature of the agency function which the private client stockbroker undertakes and executes on behalf of his client is then examined. This area will occupy the bulk of our attention because it provides the raison d’être for investment management It also happens that what we shall say applies with equal force to private client business around the world. In contrast, our discussion of the institutional aspects is rather specific to the financial services industry in the United Kingdom.
