This sample checklist is intended for use when an investment adviser firm recommends to (or selects for) its retail investment advisory client a proprietary investment or fund which is sponsored or otherwise involves the investment adviser firm, its affiliates or its related persons.
RCC recommends that due to the inherent conflict of interest, an investment adviser firm should avoid recommending to retail clients (or selecting for retail clients) proprietary investments or proprietary funds which are sponsored by or otherwise involved investment adviser firm, its affiliates or related persons. The recommendation or selection of proprietary investments or funds by an investment adviser will be scrutinized by the applicable securities regulators. To the extent that an investment adviser firm recommends proprietary investments or funds to retail clients despite our recommendation, an investment adviser will need to fully disclose this conflict of interest to each client and evidence that such recommendation was objectively in the client’s best interest. This checklist is not comprehensive, and these items are mere examples which have not been customized to the facts and circumstances facing your investment adviser firm. RCC offers no assurances that these items will be accepted by the securities regulator as sufficient.
This sample form should be considered as a starting point; the investment adviser firm will need to customize this sample form to its business model and policies and procedures. Please see our disclosure about the limitations of sample form at http://www.ria-compliance-consultants.com/ria_express_investment_advisor_compliance_tools/sample-forms/
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This sample document is not intended to detect or prevent fraud, selling away, Ponzi schemes, undisclosed outside business activities, inaccurate or false fee calculations, theft, misappropriation or unlawful conversion of client funds.
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