SEC Commissioner Allison Herren Lee and FINRA CEO Robert Cook’s calls for streamlining the various regulatory databases highlight current barriers to transparent disclosures for investors.
Information about an advisor’s legal and regulatory disclosures are often a material component in an investor’s decision to hire or retain a financial professional. Therefore, it is very important that investors have access to clear and concise information to aid in their decision-making process.
Foreside’s Kelli Haugh recently contributed to Financial Planning’s Voices sharing how the benefits of unifying and streamlining the databases extend beyond educating investors. Click here to learn more on how the streamlining of the systems would assist financial advisors of all stripes in performing due diligence on registered entities they may consider establishing professional affiliations with. Having access to consolidated data would help simplify and possibly expedite the due diligence process.