Which document must be delivered when opening an account for a retail client?
Understand the Problem
The question is asking which specific document is required to be provided when a retail client opens an account, from the given options. It requires knowledge of regulatory requirements related to account openings in the financial or investment sector.
Answer
Form CRS
The document that must be delivered when opening an account for a retail client is the Form CRS.
Answer for screen readers
The document that must be delivered when opening an account for a retail client is the Form CRS.
More Information
Form CRS, also known as the Customer Relationship Summary, provides essential information to retail clients about the nature of their relationship with their financial firm. This document is intended to improve transparency for retail investors.
Tips
A common mistake is neglecting to deliver Form CRS at the right time, such as at the point of account opening or when a recommendation is made.
Sources
- FORM CRS | SEC.gov - sec.gov
- Reg BI and Form CRS Firm Checklist - FINRA - finra.org
- Customer Accounts Account Basics - Quizlet - quizlet.com
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