News | 04.05.19
Galvin Wants Investment Advisors to Lay Out Fees for Clients
Massachusetts investment advisors would be required to provide their clients with a one-page document listing their fees under a proposal released Thursday by Secretary of the Commonwealth William Galvin. The fee table, which would distill information from an advisor's Form ADV Part 2A, is meant to help investors understand fees that go beyond charging a percentage of assets under management. "It is not uncommon for consumers to pay different types of fees for advisory services, including retainer fees, subscription fees, and third-party robo-advisor fees," Galvin said. "The fee table that my Securities Division is proposing is intended to address these new fee models by increasing transparency. The table is also intended to make fees and costs more understandable and to enable investors and savers to make informed comparisons between investment advisors."
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