Massachusetts regulator mulls greater fee disclosure

State-registered RIAs would have to provide fee table for greater transparency

Feb 8, 2018 @ 10:39 am

By InvestmentNews

Securities regulators in Massachusetts are asking for comments on a proposed regulation that would require investment advisers registered with the state to create a fee table to be given to new and existing advisory clients.

"Recent changes that have occurred in the financial services industry, many fueled by fintech innovations, have resulted in an evolving fee structure for investment advisers," William F. Galvin, Secretary of the Commonwealth, said in a release.

"It is no longer the case that advisers only charge their clients a fee for assets under management. It is not uncommon today for consumers to pay different types of fees for advisory services, including retainer fees, subscription fees, or third-party robo-advisers fees," he said.

The proposed table is intended to address these new compensation models by providing fee transparency. The table is also intended to enable customers to comparison shop among advisers," he said.

After the initial comment period, the state's securities division anticipates that a formal solicitation of comments will follow.

0
Comments

What do you think?

View comments

Most watched

Events

Finding your edge from Tony Robbins

Guru Tony Robbins has helped a lot of people, but armed with his psychology Financial Advisor Josh Nelson has helped his practice soar.

Events

Finding innovation in your firm

Adam Holt of AssetMap explains how advisers understand they need to grow, but great innovation may be lurking right under your nose.

Latest news & opinion

SEC sets June 5 date for vote on Regulation Best Interest

Commission adds new item to agenda: Interpretation of broker guidance that qualifies as advice

House passes SECURE retirement bill with massive bipartisan support

The measure allows small employers to band together to offer plans and raises the RMD age. Another provision eases use of annuities in 401(k)s, which critics say goes too far

10 IBDs with the most annuity revenue

Here are the independent broker-dealers that brought in the most annuity revenue last year.

DOL sets date to propose new fiduciary rule

The regulation, expected in December, likely will be contoured to the SEC's new advice standards.

LPL expanding platform to include employee brokers

The largest IBD in the country has agreed to buy a small broker-dealer in Florida to kick off the new effort.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print