Broker-Dealer

What Does Broker-Dealer Mean?
A person or firm in the business of buying and selling securities operating as both a broker and a dealer depending on the transaction.

Investopedia explains Broker-Dealer
Technically, a broker is only an agent who executes orders on behalf of clients, whereas a dealer acts as a principal and trades for his or her own account. Because most brokerages act as both brokers and principals, the term broker-dealer is commonly used to describe them.