Andrew Gluck is a veteran financial reporter and the founder and CEO of Advisor Products Inc., a marketing company serving 1,800 financial advisory firms.| Do FINRA and SEC Disclosures Drive You Nuts? Here's Your Chance To Let The SEC Know How To Fix It |
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| Thursday, January 19, 2012 14:44 | ||
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Do you think advertising disclosure rules are unnecessarily complicated? Unfair? How would you improve them? Here’s your chance to let the Securities and Exchange Commission know your ideas for making the system better. If you're a private wealth advisor, please join Advisors4Advisors (A4A) to get its full benefits. Register now, and we will donate $20 of our $60 membership fee to Bubbles The Clown’s financial literacy program, and you can post an icon on your website saying you support Bubbles' 501(c)3 charitable organization. Plus, get other membership benefits, including:
The SEC is seeking comment on ways to improve disclosures before selling securities and securities products to investors or before hiring an advisor.
“The SEC is seeking comment on methods to improve the timing, content, and format of disclosures to investors regarding financial intermediaries, investment products, and investment services,” says the request for comments posted on the agency’s website. “It also requests comment on information that retail investors need to make informed financial decisions on hiring a financial intermediary or purchasing an investment product or service typically sold to retail investors, including mutual funds. In addition, the SEC seeks comment on how to make investment expenses and conflicts of interest in investment transactions more transparent to investors.”
Personally, I’d like to see the FINRA’s CRD and the SEC’s ADV database made to be indexed by search engines and searchable on the Web. That transparency would make it really easy for retail investors to find out about an advisor’s regulatory record and would aid advisors with clean records.
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