While both investment advisors and securities broker-dealers may be fiduciaries to their clients, the exact nature of their fiduciary responsibility for clients and their investments varies. Both types of professionals clearly have a duty to act solely in the best interests of their clients, including the requirement that they act in compliance with all applicable federal and state laws, and avoid securities fraud. However, investment advisors have additional fiduciary duties that go beyond the fiduciary duties of broker-dealers in most cases. For instance, investment advisors have a duty to disclose conflicts of interest, as well as their fee structures, to clients on certain forms prescribed by the Securities and Exchange Commission ("SEC"), but broker-dealers need only disclose conflict of interests orally, rather than in a specifically prescribed SEC disclosure document. Plus, as the payment structure for each type of position differs markedly, in that an investment advisor typically works under a fee-based model, whereas a broker-dealer works under commission, which may influence the actions that each professional takes with respect to their clients.