The Securities and Exchange Commission is expected to require greater disclosure of fees and payment arrangements by brokerage firms. UBS Wealth Management USA is one firm that is leading the pack by introducing such documents to its clients now, the Wall Street Journal reports.
Increased disclosure is one way that the brokerage firm can turn investor concerns about misdeeds into confidence, said Mark Sutton, chairman and CEO of UBS Wealth Management. "We're trying to anticipate client concerns in the future and vet them in advance," he said. "People read about and hear about [the issues brokerage firms are dealing with], and if we can address them proactively, that portrays the firm in a positive light."