July 30, 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 would change it, because the relationship is not clearly outlined. It does not say : "you Mr. relationship manager, work for me." What are your incentives to do this honestly, with full transparency, and clear explanation. For each investment you recommend, why, how much and what do you make out of it? How do you get paid? What do your bosses expect of you? What do you have to do to get a raise or get promoted?
2. How useful is each section of the Relationship Summary? Please consider explaining your responses in the comments:
a. Type of Relationship and Service: Useful:
b. Our Obligations to You: Not Useful: Not explicit enough
c. Fees and Costs: Unsure: It is easy for the "advisor" to gloss over the places where he or his company makes a fee or gets paid. It has to be investment by investment, not anything like a general statement.
d. Comparison to different account types: Unsure:
e. Conflict of Interests: Unsure: A conflict of interest is in the eye of the beholder. An advisor is never going to clearly and succinctly outline a conflict.
f. Additional Information: Unsure:
g. Key Questions to Ask: Useful: The questions need to be more detailed. They need to elicit detailed responses and explanation. Each advisor should have a "mission statement" that clearly states he or she will advocate for his client. Hard to do because his client doesn't sign his/her paycheck.
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?: Somewhat:
b. Is the information in the appropriate order?: No:
c. Is the Relationship Summary easy to read?: Yes:
d. Should the Relationship Summary include additional information about different account types?: Yes: They should be gone over verbally with the client as well as presented in writing, so the client doesn't drown in legalese.
e. Would you seek out additional information about a firm's disciplinary history as suggested in the Relationship Summary?: Yes: It must say expressly where that information is found, with linked URL's etc.
4. Are there topics in the Relationship Summary that are too technical or that could be improved?:
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?:
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 they are useful, but a very general and weak start.
8. Do you have any additional suggestions to improve the Relationship Summary? Is there anything else you would like to tell us?: