August 1, 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 find the Relationship Summary very useful and complete. The only advice I have would be for very novice investor who may be investing in the market for the first time. A quick overview or wording as to how investing differs from saving may be useful. Also, giving more information about fees and costs would be beneficial to investors. Add some ranges as to what to expect to pay in fees for Broker Dealer and Advisory Services.
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: Summary does a good job of explaining the basis services for a brokerage vs advisory account. Some clearer examples could help.
b. Our Obligations to You: Useful: Useful information for the investor to have before engaging in a conversation with an investment firm. Giving some examples of types of questions to ask would be beneficial.
c. Fees and Costs: Very Useful: This is where most investor don't do their homework and thus fall short. Including some ranges as to what to expect in fees could help. Also, including information as to the impact that increased fees have on investment returns, long term, would help the average investor.
The concerns I raised are addressed in the "Key Questions to Ask" section.
d. Comparison to different account types: Unsure:
e. Conflict of Interests: Very Useful:
f. Additional Information: Very Useful: Good summary of sample questions.
g. Key Questions to Ask: Very Useful: No additional comments. Very useful questions.
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: I was able to follow the summary very easily.
b. Is the information in the appropriate order?: Yes:
c. Is the Relationship Summary easy to read?: Yes:
d. Should the Relationship Summary include additional information about different account types?: Yes: There are so many different account types and investment options. More information needed here.
e. Would you seek out additional information about a firm's disciplinary history as suggested in the Relationship Summary?: Yes: I do this already. My form provides their fiduciary responsibilities to me annually and I read them.
4. Are there topics in the Relationship Summary that are too technical or that could be improved?:
No, it was easy to read and understand for me.
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?:
It is about the right length. does not need to be any longer.
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, good questions.
8. Do you have any additional suggestions to improve the Relationship Summary? Is there anything else you would like to tell us?: