Advisors also will be required to electronically file the brochures, which will be publicly available on the SEC's website.
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SEC To Revamp Form ADV Part 2
July 21, 2010
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Priceless!Eureka! What a brilliant move. I wonder what genius finally figured this to be a great idea! Providing clients with ADV Part 2 was about as intimidating as one could get. Almost 20 years ago I created a "plain English" disclosure statement that contained all that was in ADV Part 2. Every year I have a acknowledgment form that I have clients sign, validating that they received my current disclosure statement and my privacy policy. The form offers them ADV Part 2 if they would like it. Only once has a client made such a request. FINRA's registration site added a plain language disclosure process a couple of years ago. The SEC certainly is pro-active! Perhaps we shouldn't be surprised they missed so many flawed investment products leading up to the debacle of 2008. If it take them this long to deal with the easy and obvious, dealing with the difficult must be nearly impossible. John R. Power, CFP(r) Walpole, MA