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Policy

How the SEC Can Make Relationship Summaries Useful for Investors

Focused enforcement and small changes to the Instructions could go a long way toward empowering investors.

Customer Relationship Summaries, also known as Form CRS, are a key accompaniment to the SEC’s Regulation Best Interest, or Reg BI, which governs the standard of conduct for broker/dealers. As of last year, broker/dealers, Registered Investment Advisors, and dually registered firms must provide each client, or prospective client, with the firm’s Form CRS. The Form is intended to be a short and practical document that highlights important information regarding the services provided by the firm in a readily understandable format. The goal of Form CRS is ultimately to equip retail investors with the right information so they are empowered to make informed decisions about where, and with whom, to entrust their savings.