SEC Regulation Best Interest: Wealth Management Readiness - The Newest Aite Group Report Explores The Compliance Issues, Costs, Technology, And Views Surrounding The Implementation Of Form CRS And Reg BI

On June 30, 2020, the U.S. Securities and Exchange Commission put into effect its new regulations regarding client best interest and Form CRS. Over the last year, there has been much work and debate in the industry on the implementation of these rules. But the wealth management landscape is not yet up to speed in its full adoption of Reg BI—and questions remain. SEC Regulation Best Interest: Wealth Management Readiness, Aite Group’s latest report, examines several questions concerning the adoption and implementation of this new regulation. 

“Most brokers and registered independent advisors are well-positioned to meet Form CRS obligations and, to a lesser extent Reg BI,” states Dennis Gallant, senior analyst at Aite Group. “However, many expect increasing fiduciary regulation based on the presidential election and state legislation,” he explains.

This Aite Group report will create a window into the compliance issues, costs, technology, and views surrounding the implementation of Form CRS and Reg BI. The analysis in this report leverages 26 interviews with broker-dealers, advisors, regulators, industry advocacy groups, legal services, and technology providers within the United States. Interviews were conducted in the second and third quarters of 2020.