With the recent passage of the Dodd-Frank Wall Street Reform Bill (long name, even longer bill), it has become necessary for May-Investments to update and change our Adviser Disclosure – commonly known in the industry as an ADV.
For those of you not familiar with the ADV, the purpose of the form is to provide information about how we perform our business: who we serve, our fees, how we manage our accounts, invest money, and so on. The ADV is given at the time a client comes on board, and is made available and offered to clients on an annual basis.
Diane Gigliotti, May-Investments Office Manager, has been hard at work revising our current ADV (alongside Doug) so that it is compliant with the new law. She explained some of the changes. “The new law states that the ADV should be clearly written and current, with a meaningful disclosure of our business practices. Plainly put, the new form should be more user-friendly.” And while the form will maintain much of the same information, it will add more extensive data about the background of the firm’s adviser and advisory personnel.
For those of you who are scratching your heads at this point trying to remember what your ADV said, don’t fret, you will soon have the chance to find out! Where the old law required that we offer the ADV on an annual basis, the new law requires that we provide the ADV on an annual basis – so all clients will receive a copy of the new ADV in the near future. In the meantime, we still have the old ADV available for anyone looking for late-night reading material. We’ll provide the ADV, but you have to provide the cookies and milk!
Should you have any additional questions concerning the new ADV, please don’t hesitate to call the office at 263-5126 – we are always happy to help.
For those of you not familiar with the ADV, the purpose of the form is to provide information about how we perform our business: who we serve, our fees, how we manage our accounts, invest money, and so on. The ADV is given at the time a client comes on board, and is made available and offered to clients on an annual basis.
Diane Gigliotti, May-Investments Office Manager, has been hard at work revising our current ADV (alongside Doug) so that it is compliant with the new law. She explained some of the changes. “The new law states that the ADV should be clearly written and current, with a meaningful disclosure of our business practices. Plainly put, the new form should be more user-friendly.” And while the form will maintain much of the same information, it will add more extensive data about the background of the firm’s adviser and advisory personnel.
For those of you who are scratching your heads at this point trying to remember what your ADV said, don’t fret, you will soon have the chance to find out! Where the old law required that we offer the ADV on an annual basis, the new law requires that we provide the ADV on an annual basis – so all clients will receive a copy of the new ADV in the near future. In the meantime, we still have the old ADV available for anyone looking for late-night reading material. We’ll provide the ADV, but you have to provide the cookies and milk!
Should you have any additional questions concerning the new ADV, please don’t hesitate to call the office at 263-5126 – we are always happy to help.
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