SEC Regulation Best Interest: Important Disclosure Documents

 

The Securities and Exchange Commission (SEC) recently adopted new regulations, including Regulation Best Interest, which we believe aligns well with our longstanding core value of putting clients first.

Effective June 30, 2020, all broker-dealers and investment advisers must provide clients with important disclosures to help with their investment decisions. Therefore, in the coming weeks, you will receive a disclosure package from Raymond James that includes two new disclosures:

• Form CRS (Client Relationship Summary) – A two- to four-page document that describes accounts and services available as well as fees, charges and potential conflicts of interest associated with certain account types.
• Important Client Information – An approximately 75-page booklet that provides additional details about the topics addressed in Form CRS, as well as further information regarding available investment products and services.

While no action is needed, we wanted to make sure you knew what to expect.  We are here to answer any questions you might have. In the future, you may receive the Form CRS again on some occasions based on certain investment activities such as opening another account. The SEC wants to ensure investors are aware of available account choices as they are making decisions. By June, these disclosures will also be available on raymondjames.com/legal-disclosures.

What we want you to know

1. We applaud the intent of this regulation, as it does increase the standard of conduct.
2. As a firm comprised of CERTIFIED FINANCIAL PLANNER™ professionals and based on CFP® principles, our professionals are held to the Standards of Ethics and Code of Conduct of the CFP® Board, in addition, to Reg BI.

Impact on you & S Harris Financial Group:

The main impact to you and our practice will be additional disclosures that we are now required to provide.  We will do our best to minimize paper you receive but understand that one of the best ways to help us do this is to elect to receive all Correspondence from Raymond James via electronic delivery (see instructions below).

How will I receive the upcoming mailing?

You will receive the disclosure package via traditional mail or electronically based on your document delivery preferences at the end of April, since the magnitude of the client mailing required a longer production timeline for printing and mailing.

How can I update my delivery preferences for future mailings?

If you wish to receive future disclosure mailings, statements, and other correspondence from Raymond James electronically, we encourage you to consider updating your preferences in raymondjames.com/ClientAccess via Account Services > Client Tools.

If you haven’t yet signed up for Client Access, now is a good time to do so given the limited physical contact during these unprecedented times. This secure, convenient online account access system complements the services we provide, offering instant availability of your financial information wherever you are in addition to the convenience of receiving statements and other communications electronically.

If you would like to read additional background and information on Regulation BI, you can access a summary (here).  In the meantime, please feel free to contact us with any questions.

Our team is in the office, and continue taking extra precautions to stay safe and healthy.  As your meeting time approaches in the future, we will be in touch to determine if you would like to meet in our office (our conference room table is large enough that we can sit six feet from you), or if you feel more comfortable conducting a “Zoom” meeting from the comfort of your home.  We are happy to adjust our meeting to whichever venue you prefer – we want you to feel safe, but have the opportunity to discuss your financial plan and portfolio.

We are grateful for your support and your business, and we will continue to pray for your health and safety.  

The S. Harris Financial Group

Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC. S. Harris Financial Group is not a registered broker/dealer and is independent of Raymond James Financial Services.  Investment advisory services offered through S. Harris Financial Group.

Raymond James Financial Services does not accept orders and/or instructions regarding your account by email, voice mail, fax or any alternate method. Transactional details do not supersede normal trade confirmations or statements. Email sent through the internet is not secure or confidential. Raymond James Financial Services reserves the right to monitor all email.

Any information provided in this email has been prepared from sources believed to be reliable but is not guaranteed by Raymond James Financial Services and is not a complete summary or statement of all available data necessary for making an investment decision. Any information provided is for informational purposes only and does not constitute a recommendation. Raymond James Financial Services and its employees may own options, rights or warrants to purchase any of the securities mentioned in this email. This email is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this message in error, please contact the sender immediately and delete the material from your computer.

Any opinions are those of S. Harris Financial Group and not necessarily those of Raymond James.