July 15, 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?:
Yes. Is there a complaint process in the firm? Who is watching your advisor?
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: How would one know if they are living up to keeping our best interests in mind. Are there integrity police in the firm?
c. Fees and Costs: Useful: Give examples. What it might look like on a statement.
d. Comparison to different account types: Very Useful:
e. Conflict of Interests: Very Useful:
f. Additional Information: Very Useful:
g. Key Questions to Ask: Very Useful: The questions are the best part
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?: Somewhat: Maybe tha questions to ask should be first instead of last. Some people may not read thru everything to get to the questions.
c. Is the Relationship Summary easy to read?: Somewhat: Maybe too long. All good info but maybe more succinct.
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?: Yes:
4. Are there topics in the Relationship Summary that are too technical or that could be improved?:
Identify the fees for mutual funds ie management fees sales fees the different types of shares. Give examples. Things are not always broken down on the monthly statements.
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?:
Both. Suggest fees monthly associated with each fund by type - what is 1% on each fund etc
Give an example on fees.
6. Is the Relationship Summary an appropriate length? If not, should it be longer or shorter?:
Shorter is always better. Bullitized more?
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?:
Most definitely
8. Do you have any additional suggestions to improve the Relationship Summary? Is there anything else you would like to tell us?:
Get to the churn aspect of how advisors make money in more direct language. And can you avoid that by making specific requests not to.