There are key differences between hybrid advisors and dually registered advisors -- but even some industry veterans don't seem to understand it.

"Actually I don’t know the difference," says Dana Anspach, a financial planner and author of Control Your Retirement Destiny, based in Scottdale, Ariz. "If heard 'dual' or 'hybrid' I would assume they meant the same thing -- that the person was both FINRA-registered and SEC- or state-registered as an RIA. If there is some technical difference I don’t know what it is!"

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