Series 66: 9.1.5. Investment Advisory Contracts

Taken from our Series 66 Online Guide

9.1.5. Investment Advisory Contracts

The client contract is at the core of any relationship between a client and a financial professional. This is especially true of the relationship between a client and an investment adviser. The client contract outlines the services that a securities professional will provide for his clients, spells out fees or commissions, discloses conflicts of interest, etc. Since this is such an important piece of documentation, the NASAA has put standards in place regarding the contract.

According to NASAA Model Rules, investment advisory contracts must:

• Be in writing

• Outline all services to be provided

• Contain a term (time limit) for the contract

• Contain the advisory fee

• Include the formula for calculating the fee

• Specify the amount t

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