The SEC wants to know whether you know the difference between a broker and an investment adviser. My guess is that you do not and while you are pondering the answer, you might also consider what the terms financial consultant, financial advisor, investment executive and financial planner mean since they are also bandied about by brokerage firms and financial institutions. The Securities and Exchange Commission wants to know your answer by the end of the day today, August 30. You can submit comments online by sending an email to rule-comments@sec.gov and include “File Number 4-606” in the subject line.

The SEC is studying the issue to look at setting up new regulations for brokers. I assume that they already know the answer—the brokerage industry has benefitted from multiple terms which are easily confused. They would hope that you know that brokers and dealers don’t have a fiduciary duty to act in the best interest of their clients while investment advisers do. Since the term “fiduciary duty” isn’t the most commonly spoken phrase, they might look into that one as well.

The SEC needs to come up with just a few, memorable terms, no more than 5, with easily distinguishable meanings. Think of how it will simplify their business cards.

Irene Etzkorn is the executive director, simplification for the Siegel+Gale New York office.