Envestnet joined forces with Compliance Solutions Strategies to offer RIAs and broker-dealers a simplified solution to meet the Form CRS filing requirements adopted by the Securities and Exchange Commission ahead of the June 30 deadline.
The web-based tool is a “comprehensive, fully customizable” software solution for Envestnet’s RIA and BD clients, the companies said.
CSS’ Form CRS Automator software provides regulated firms the ability to produce the required Customer Relationship Summary form quickly and efficiently. It is available on the CSS website for $1,895.
On June 5, 2019, the SEC passed by a 3-1 vote its controversial Regulation Best Interest, which SEC Chairman Jay Clayton said would “substantially enhance the broker-dealer standard of conduct beyond existing suitability obligations.”
The agency also passed by a 3-1 vote the three other prongs of the advice-standards package: The Form CRS Relationship Summary, the Standard of Conduct for Investment Advisers and a new Interpretation of “Solely Incidental.”
As a result, all RIAs and BDs will be required to provide a Form CRS — a two-page document, or a four-page document for dual registrants and affiliates, allowing current and prospective clients to compare services, fees, conflicts of interest and other important information in simple, easy-to-understand language.