Advice Standards Packages From the SEC and DOL Expected by September
Wealth AdvisorDecember 10, 2018
Investors still struggle to understand the difference between broker and advisor.
A survey on the CRS found that more than half of respondents thought it was too long and a third said the Conflicts of Interest section was difficult or very difficult — and respondents found this to be the second hardest section, the ThinkAdvisor writes. Furthermore, the SEC must be careful how it proceeds, since respondents who said the difficulty was “just right” were unable to distinguish between a brokerage account and an advisory account, according to Barbara Roper of the Consumer Federation of America, the publication writes. This shows there is still much to be done before Form CRS helps investors to make an informed choice, according to Roper, ThinkAdvisor writes.
