With ERISA and State regulators, it is important for you as an RIA firm to have a means of disclosing the services that you provide for your fee. This form and the Fee Comparison and Disclosure work together. It is probably a good idea to compare your services against your competitors. In order to do that, you will need a form that accomplishes this task by listing all of your services.
The Services Comparison form will help complete this task for new clients. It is only two pages and the side-by-side comparison is easy with drop down boxes for your answers. (i.e., Yes, No, or Not Sure) For example, a service offered by your firm may be financial planning. This Services Comparison disclosure would also compare other services that you offer against a competitor's offer. Essentially, you do this for all the services that you provide, such as, quarterly reporting, client web portal, mobile app, tax preparation, and so on. Our form can be customized to your RIA firm. You simply do the services comparison with the client, have them sign it and include it in your client files.
Of course, you know that being an RIA means that you are a fiduciary. Having this process insures that you have gone through a fiduciary discovery process with your clients in order to determine what is in their best interests. This Services Comparion along with the Fee Comparison and Disclosure will be what you need in your files to show that you acted in the client's best interest. Your firm's fee may be higher than a client's existing advisor, but your services comparison may tilt the client your way, because you are offering a whole lot more services to the client. You see?