SEC Regulation Best Interest: Wealth Management Readiness

With brokers uncertain about how to execute client best interest procedures, the SEC has made efforts to articulate its expectations.

Boston, October 15, 2020 – On June 30, 2020, the U.S. Securities and Exchange Commission put into effect its new regulations regarding client best interest and Form CRS. Over the last year, there has been much work and debate in the industry on the implementation these rules. But the wealth management landscape is not yet up to speed in its full adoption of Reg BI—and questions remain.

This Aite Group report will create a window into the compliance issues, costs, technology, and views surrounding the implementation of Form CRS and Reg BI. The analysis in this report leverages 26 interviews with broker-dealers, advisors, regulators, industry advocacy groups, legal services, and technology providers within the United States. Interviews were conducted in the second and third quarters of 2020.

This 23-page Impact Report contains one figure and three tables. Clients of Aite Group’s Wealth Management service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Bank of America Merrill, Broadridge, Compliance Solution Strategies, DataPoints, Investment Company Institute, InvestorCOM, Morningstar, NICE, PeerCompare, Respro, Riskalyze, Securities Industry and Financial Markets Association, ShelfMonitor, Stratify, and XY Planning Network LLC.

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