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- Title
Untangling the wrap-free rules.
- Authors
McGuire, W. John
- Abstract
The article refers to wrap-free program investments, regulations proposed by the U.S. Securities and Exchange Commission (SEC), and the Investment Advisers Act of 1940. The SEC's proposed changes to the Advisers Act will require investment advisors to give clients a brochure explaining the costs and services they provide in a wrap-free program--which bundles a flat annual fee with investment advice, custody, and execution services in one contract. The SEC proposal changes the definition of wrap-free programs so that managed-account programs are not included. The cash solicitation rule in the Advisers Act, Rule 206(4)-3 and seven brokers such as Merrill Lynch who offer wrap-free programs are mentioned. INSET: All wrapped up..
- Subjects
UNITED States; LEGAL status of investment advisors; UNITED States. Securities &; Exchange Commission; FINANCIAL services industry laws; SECURITIES industry laws; PROFESSIONAL fees; REGULATED industries
- Publication
Financial Executive, 1994, Vol 10, Issue 3, p33
- ISSN
0895-4186
- Publication type
Article