August 22, 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?:
In an advisory relationship. In addition to paying a management fee what is the cost of the underlying investments such as mutual funds, liquid alternatives, seperately managed accounts, transaction costs, etc.? Perhaps an average cost disclosure would give investors full disclosure on all fees.
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: Disclosures should quantify all Fees, costs and expenses.
b. Our Obligations to You: Useful:
c. Fees and Costs: Not Useful: Description of fees not good enough. Fee changes should also be disclosed periodically.
d. Comparison to different account types: Useful:
e. Conflict of Interests: Not Useful: Must disclose banker referrals and bonuses in Bank channel brokerage and advisers.
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?: Yes:
e. Would you seek out additional information about a firm's disciplinary history as suggested in the Relationship Summary?: No:
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?:
Fees, costs and expenses. Especially when recommending liquidating one portfolio for another in ACAT
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?:
8. Do you have any additional suggestions to improve the Relationship Summary? Is there anything else you would like to tell us?:
I want to know what an investment is going to cost me over my time horizon defined by my first anticipated withdrawal as the end.