July 17, 2018
1. Overall, do you find the Relationship Summary useful? If not, how would you change it? If so, what topics and how can they be improved?:
I found the explanations of services to be somewhat vague. Perhaps that is because the lines between the types of accounts get blurred. Perhaps a simple analogy could be developed. I liked the "Questions to Ask."
2. How useful is each section of the Relationship Summary? Please consider explaining your responses in the comments:
a. Type of Relationship and Service: Very Useful:
b. Our Obligations to You: Very Useful: There seems to be a fair amount of confusion about what each type of relationship offers - perhaps because we all try to call ourselves financial advisors. As an IAR I can't advise or sell an individual stock with my company, but can offer to watch over investments we have chosen to fit your needs, advising on changes that might enhance performance.
c. Fees and Costs: Useful: Need simple examples.
d. Comparison to different account types: Useful:
e. Conflict of Interests: Very Useful:
f. Additional Information: Useful:
g. Key Questions to Ask: Very Useful:
3. Please answer the following questions. Please consider explaining your responses in the comments:
a. Do you find the format of the Relationship Summary easy to follow?: Yes: For the most part.
b. Is the information in the appropriate order?: Yes:
c. Is the Relationship Summary easy to read?: Somewhat: This is going to depend on the level of experience of the investor. My impression of most potential clients I meet with is they have little or no knowledge of which type of advisor they should seek, they just have an end goal in mind.
d. Should the Relationship Summary include additional information about different account types?: Yes:
e. Would you seek out additional information about a firm's disciplinary history as suggested in the Relationship Summary?: Somewhat: This is one of the areas that I have reservations about. I got a speeding ticket once - does that make me a bad driver? I know we should not have disciplinary actions to disclose, but some of those can be technical related to the broker-dealer (selling away as an example) but may have had a positive consumer impact. How can that be disclosed in a way that doesn't drive a potential client away.
4. Are there topics in the Relationship Summary that are too technical or that could be improved?:
Perhaps a word that suggests when one type of relationship would be more beneficial
5. Is there additional information that we should require in the Relationship Summary,such as more specific information about the firm or additional information about fees? Is that because you do not receive the information now, or because you would also like to see it presented in this summary document, or both? Is there any information that should be made more prominent?:
6. Is the Relationship Summary an appropriate length? If not, should it be longer or shorter?:
I liked the length
7. Do you find the 'Key Questions to Ask' useful? Would the questions improve the quality of your discussion with your financial professional? If not, why not?:
Yes
8. Do you have any additional suggestions to improve the Relationship Summary? Is there anything else you would like to tell us?: