The Investment Advisers Act of 1940 is U.S. federal law that defines the role and responsibilities of an investment adviser. The law was created to protect consumers against misleading and fraudulent investment advice. While both terms can be used interchangeably, we believe that acting under the duty of loyalty and duty of case as a full-time fiduciary is what advisers do, while operating under the “suitability” rules is what “advisors” do. To be clear, we are not stating this is law, just simply our view. However, since the act is called “Investment Advisers Act of 1940”, we think the right term is Advisers.