Record-keeping by many advisers is inadequate, study finds

10/7/2013 | Reuters

Many investment advisers registered with state regulators are failing to comply with record-keeping requirements, according to a study by the North American Securities Administrators Association. The most common shortcoming was a lack of documentation showing why investments offered were suitable for clients, the study found. Some advisers didn't have contracts with clients explaining how their fees are calculated, according to the study.

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