Massachusetts Finalizes Fee Table for RIA Firms
July 9, 2019 by Bernice Napach
Less than six months from now, advisors registered in Massachusetts will be required to provide clients and prospective clients a one-page standalone table for fees for services, which must also be easily accessible on the advisor’s website if he or she has one.
The fee table “is intended to supplement, not replace, a more detailed disclosure of fees and services“ contained in Form ADV Part 1A and Part 2 (“The Brochure”) that advisors are required to file to register with the Securities and Exchange Commission and state securities regulators, according to final rule amendments published by the Massachusetts Securities Division on June 19. The fee table is set to take effect on Jan. 1, 2020.
The Massachusetts Securities Division had proposed the fee table in early April, in the form of amendments to its securities regulations for financial advisors, and issued the final amendments after reviewing those comments, making few changes from its proposal.
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