July 10, 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?:
We offer advisory and brokerage through the independent broker dealer - LPL Financial. As far as we know, we do not have incentives to sell proprietary product. I know this model may exist at banks and/or wirehouses, but not at most independent channel firms. For this reason, is it possible to have an independent advisory/bd version of this relationship summary?
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: Useful:
c. Fees and Costs: Useful:
d. Comparison to different account types: Very Useful:
e. Conflict of Interests: Unsure: Independent financial advisory and b/d channels may not offer proprietary products. So, not sure if we have any incentive to sell one company's investment versus another. Possible a separate summary for those firms without proprietary products?
f. Additional Information: Useful:
g. Key Questions to Ask: 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:
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?: No:
e. Would you seek out additional information about a firm's disciplinary history as suggested in the Relationship Summary?: Somewhat:
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?:
Shorter is desirable. Focus on the most important concerns for retail investors. Consider an addendum for clients that request additional information.
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?:
Consider consolidating the key questions to ask.
8. Do you have any additional suggestions to improve the Relationship Summary? Is there anything else you would like to tell us?: