Originally published by Investment News
By Mark Schoeff, Jr.
Massachusetts investment advisers would be required to provide their clients with a one-page document listing their fees under a proposalreleased Thursday.
Secretary of the Commonwealth William Galvin said the fee table, which would distill information from an adviser’s Form ADV Part 2A, is meant to help investors understand increasingly complicated fees that go beyond charging a percentage of assets under management.
Knut Rostad, president of the Institute for the Fiduciary Standard, praised Mr. Galvin for illuminating fees at the state level.
“Secretary Galvin’s proposal for a uniform price list is an excellent step forward,” Mr. Rostad said. “It provides needed clarity and transparency. We know it’s not going to happen on the federal level. It’s fantastic that some states are taking the lead.”
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