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Definition of 'Wire House Broker'
A non-independent broker working for a wire house firm, or a firm with multiple branches such as a national brokerage house. A wire house broker is typically a full-service broker, offering research, investment advice and order execution. By being affiliated with the wire house, the broker gains access to the firm's proprietary investment products, research and technology.
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Investopedia explains 'Wire House Broker'
It was once thought that in order to provide top service to their clients, brokers had to be affiliated with a wire house firm. Independent brokers were often assumed to sellers of prepackages products and were viewed as second-class citizens in the financial world. Things have changed in this regard, however, as many of the big wire houses experienced major shocks in the financial crisis of 2007/2008. The financial crisis caused many traditional wire house firms to fail, and served to level the playing field as wire house brokers looked for new options upon leaving the failed firms.
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