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.
