The SEC adopted Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934.
Reg BI establishes a “best interest” standard of conduct for broker-dealers and associated persons when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities, including recommendations of types of accounts.
Regulation Best Interest (pdf)
The SEC also adopted new rules and forms to require broker-dealers and investment advisers to provide a brief Customer Relationship Summary, (Form CRS), to retail investors.
In addition, the SEC published interpretations concerning investment advisers’ standard of conduct under the Investment Advisers Act of 1940, and the “solely incidental” prong of the broker-dealer exclusion from the Advisers Act
Customer Relationship Summary (PDF)
Trubee, Collins & Co. has formed a business alliance with one of the nation’s leading brokerage clearing institutions – Wells Fargo Clearing Services. Our commitment to providing quality service includes a business relationship with First Clearing†, one of the nation’s leading brokerage clearing institutions. This relationship brings the benefit of a firm with deep roots in the full-service brokerage business and the strength of being affiliated with one of the largest financial services companies in America.
First Clearing† provides quality securities-execution and brokerage-clearance services to retail securities firms throughout the United States. Headquartered in St. Louis, Missouri, First Clearing provides the benefit of a firm with a long heritage in the full-service brokerage business. For information on Order Routing and other Disclosures, see Wells Fargo Clearing Services, LLC.
†First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.