SEC officials are asking Main Street investors to “Tell Us” about their investor experiences. At recent roundtables in Houston, Atlanta, Miami, Washington, D.C., Philadelphia, and Denver, investors shared their thoughts on standards of conduct for investment advisers and broker-dealers. A proposed rule seeks to align investor expectations with legal requirements while preserving consumer choice and access to investment services and products.
“I have had the privilege to attend many of the roundtables, and these candid, experience-based discussions with Main Street investors have been incredibly valuable and informative,” said Chairman Jay Clayton. “I thank the participants for taking the time to engage in meaningful, personal conversations with us and the staff who put in the hard work to put these roundtables together in locations across the country.”
SEC officials and staff received helpful feedback from roundtable participants who noted the difficulty investors often have knowing the differences between investment advisers and broker-dealers. Main Street investors also discussed the SEC’s recently-proposed relationship summary (Form CRS) that would describe an investor’s relationship with their financial professional and that would highlight key differences between broker-dealers and investment advisers, including the principal services offered, fees, and certain conflicts of interests.
Modified: Sept. 27, 2018