Regulation Best Interest (Reg BI)

Form Client Relationship Summary (CRS)

What is Form CRS?

Form CRS is a client or customer relationship summary. Advisors and brokers are required to deliver a relationship summary to you beginning in summer 2020. The relationship summary contains important information about the advisor or broker.

Why should I read a relationship summary?

Choosing or continuing to work with a financial professional is an important decision. Advisors and brokers offer different types of services and are paid differently. Reading a relationship summary can help you decide if an advisor or broker is right for you.

What information is in a relationship summary?

A relationship summary tells you about:

the types of services the firm offers;
the fees, costs, conflicts of interest, and required standard of conduct associated with those services;
whether the firm and its financial professionals have reportable legal or disciplinary history; and,
how to get more information about the firm.

A relationship summary also includes questions to help you begin a discussion with an advisor or broker about the relationship, including their services, fees, costs, conflicts, and disciplinary information.

When will I receive a relationship summary?

Beginning in the summer of 2020, advisors and brokers will give you a relationship summary when starting a relationship with you or when your account changes (e.g., you rollover an IRA). If the information in the relationship summary changes, your advisor or broker will be required to give you a new relationship summary or communicate the changes through another disclosure that must be delivered to you. You can also always request a relationship summary.

If you already have a brokerage or advisory account, you will get your first relationship summary by July 30, 2020.

You will be able to find a firm’s relationship summary and find more information about a firm using the free and simple search tool on Investor.gov.

Form CRS

Regulation Best Interest Disclosure Form

Understanding the Differences Between Brokerage and Investment Advisory Relationships

Form Client Relationship Summary (CRS)

What is Form CRS?

Why should I read a relationship summary?

What information is in a relationship summary?

When will I receive a relationship summary?