Investment Adviser Marketing, tell us about your experiences

File No. S7-21-19

We’re asking everyday investors like you what you think about how investment advisers market their services. Your responses will help us update the marketing rules for investment advisers.

It’s important to us at the SEC to hear from individual investors so we can make it easier for you to choose an investment adviser that is right for you. Please take a few minutes to answer any or all of these questions. Please provide your comments by [INSERT DATE 60 DAYS AFTER PUBLICATION OF THE PROPOSAL IN THE FEDERAL REGISTER] - and thank you for your feedback!

If you are interested in background information on the proposed rule, click here.

All required fields are marked with an asterisk *

Contact Info



  (Your email address will not be published on the web site)

Questions


1. Have you ever hired, or considered hiring, an investment adviser? Because investment advisers are the subject of this proposed rulemaking, please focus your responses in this questionnaire on investment advisers rather than brokers.


2. Have you viewed any investment adviser advertisements? For example, have you looked at an adviser’s website or a presentation?


3. Have you looked at an adviser’s past performance results when considering hiring an investment adviser?


4. Have you ever specifically requested past performance results from the investment adviser?


5. If you have viewed an adviser’s past performance results, have you discussed them with the adviser?


6. If you have viewed an adviser’s past performance results, did you believe that those past performance results would predict the future performance that the adviser could achieve for you?


7. How important is it to know the following information when reviewing the past performance results of an adviser?
Information Very Important Important Neither Important Nor Unimportant Unimportant Not Important Don't Know
Performance results minus fees and expenses (i.e., net performance)
A schedule of the specific fees and expenses deducted to calculate net performance
Performance results for one-, five-, and ten-year periods
Other information (if any, please describe)

8. Have you reviewed hypothetical performance results that demonstrated how an investment strategy “could have” or “would have” worked?


9. Have you reviewed targeted performance returns or projected performance returns?


10. Would other people’s opinions of the adviser (e.g., testimonials by advisory clients, and endorsements by non-clients), or an adviser’s rating by a third-party (e.g., “Rated B+ by Adviser Reports”) help you choose an investment adviser?


11. How important is it to know the following information when considering a testimonial, endorsement, or rating of an adviser?
Information Very Important Important Neither Important Nor Unimportant Unimportant Not Important Don't Know
Whether the person giving the testimonial or endorsement is a current client
Whether the adviser pays the person giving the testimonial, endorsement, or the rating
How recent the rating is, and the period of time it covers
Other information (if any, please describe)


13. Has a paid salesperson (a solicitor) ever referred you to an investment adviser?


14. Would it affect your decision to hire an investment adviser if you knew that the adviser paid a salesperson to refer you to the adviser?


15. How important is it to know the following information about a paid salesperson’s referral?
Information Very Important Important Neither Important Nor Unimportant Unimportant Not Important Don't Know
Amount paid to the solicitor for referring you to the adviser
Whether there will be any additional cost to you
The solicitor’s relationship to the adviser
Whether the solicitor has been disciplined for financial-related misconduct
Other information (if any, please describe)

We will post your feedback on our website. Your submission will be posted without change; we do not redact or edit personal identifying information from submissions. You should only make submissions that you wish to make available publicly.


Press continue to submit...


Other Ways to Submit Your Feedback

You also can send us feedback in the following ways (include the file number S7-21-19 in your response)

Print Your Responses and Mail Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
Print a PDF of Your Responses and Email Use the printer friendly page and select a PDF
printer to create a file you can email to: rule-comments@sec.gov
Print a Blank Copy of this Flier, Fill it Out, and Mail Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090

Thank You!