{"id":6004,"date":"2020-02-04T15:51:48","date_gmt":"2020-02-04T20:51:48","guid":{"rendered":"https:\/\/rixtrema.com\/blog\/?p=6004"},"modified":"2020-09-19T14:29:59","modified_gmt":"2020-09-19T19:29:59","slug":"client-relationship-summary-crs-form-checklist","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/client-relationship-summary-crs-form-checklist\/","title":{"rendered":"Client Relationship Summary (CRS Form) Checklist"},"content":{"rendered":"\n
<\/div>\n\n\n\n
  1. Introduction<\/a><\/strong><\/li>
  2. Description of relationships and offered services<\/a><\/strong><\/li>
  3. A statement of the applicable conduct standard associated with the services<\/a><\/strong><\/li>
  4. Fees and Costs<\/a><\/strong><\/li>
  5. A Comparison of BD and RIA services for firms that are not dually registered<\/a><\/strong><\/li>
  6. Conflicts of Interest associated with the firm\u2019s relationship to its services, fees, and other BDs and RIAs<\/a><\/strong><\/li>
  7. Legal and disciplinary events<\/a><\/strong><\/li>
  8. A list of prescribed \u201cconversation starters\u201d for investors to ask?<\/a><\/strong><\/li>
  9. The SEC requires the following questions to be included in this section<\/a><\/strong><\/li>
  10. Other considerations<\/a><\/strong><\/li><\/ol>\n\n\n\n
    <\/div>\n\n\n\n

    RiXtrema\u2019s Regulation Best Interest researchers created this checklist to get your gears turning toward compliance. It is not a substitute for consulting a legal or regulatory compliance office, but we feel it\u2019s a suitable starting point. You must file the CRS Form with the SEC and freely provide it to all of your firm\u2019s customers and clients by June 30, 2020. The CRS Form is essentially the 8 parts below. Before filing ask yourself whether each section in your form contains the outlined <\/a>components.<\/p>\n

    1. Introduction:<\/strong><\/h3>\n

    \u2610 The name of the BD or RIA, and whether the firm is registered and with whom;<\/p>\n

    \u2610 an explanation as to how BD and RIA services and fees are different and how retail investors can understand the difference;<\/p>\n

    \u2610 free and simple research tools to investigate firms and financial professionals at the Commission\u2019s investor education website (investor.gov\/CRS);<\/p>\n

    \u2610 a list of tools that can guide the client to research firms and financial professionals<\/a><\/p>\n

    2. Description of relationships and offered services:<\/strong><\/h3>\n

    \u2610 a list of all services and advice offered by the firm, even if the investor does not qualify for some products<\/p>\n

    \u2610 all relationships with the services offered to retail<\/a> investors<\/p>\n

    3. A statement of the applicable conduct standard associated with the services: <\/strong><\/h3>\n

    \u2610 Do you provide an example of how the firm makes revenue and any relevant conflicts of interest to do<\/a> so?<\/p>\n

    4. Fees and Costs:<\/strong><\/h3>\n

    \u2610 Do you describe the fees and costs associated with BD and RIA accounts and the conflicts they create<\/a>?<\/p>\n

    5. A Comparison of BD and RIA services for firms that are not dually registered:<\/strong><\/h3>\n

    \u2610 Do you state where retail investors can search for more information about their BD and RIA services<\/a>?<\/p>\n

    6. Conflicts of Interest associated with the firm\u2019s relationship to its services, fees, and other BDs and RIAs.<\/strong><\/h3>\n

    \u2610 Do you disclose conscious and unconscious conflicts of interest<\/a>?<\/p>\n

    7. Legal and disciplinary events:<\/strong><\/h3>\n

    \u2610 Do you disclose whether your firm has any history of disciplinary action?<\/p>\n

    \u2610 Do you provide information, like tools or sources, to guide investors who want to research any events further<\/a>?<\/p>\n

    8. A list of prescribed \u201cconversation starters\u201d for investors to ask?<\/strong><\/h3>\n

    \u2610 Do you have answers prepared for the questions, if a retail investor asks?<\/p>\n

    \u2610 Are the questions prominently displayed with larger fonts, different typeface, bold, etc.<\/a>?<\/p>\n

    The SEC requires the following questions to be included in this section:<\/strong><\/h3>\n