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In the News

The SEC’s Dismal Failure with Form CRS

Posted by Mindy Diamond

December 7, 2021
Mindy Diamond Quoted
By Knut A. Rostad

The SEC’s client relationship summary (form CRS) fails consumers. CRS, meant to inform the public about BDs and RIAs, instead confuses everyone. Investors do not understand CRS. RIAs do not understand they can describe their fiduciary status on CRS.

And it is frustrating for RIAs. Independent RIAs know best the sharp differences between their and BD basic business practices – the largest wire-house and bank BDs especially. These differences are well-known but not well publicized. Recruiter Mindy Diamond’s recent piece brings some to light. Diamond described Merrill Lynch’s efforts to stave off its thundering herd from galloping off in its Project Thunder: Recruiter cites rumblings from Merrill advisers about Project Thunder – InvestmentNews.

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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