Series 65: 10.11.14. Duty Of Best Execution

Taken from our Series 65 Online Guide

10.11.14. Duty of Best Execution

An investment adviser must try to get best execution on securities transactions for clients. Best execution means more than just seeking low trading commissions for clients. Instead, the SEC says that an adviser must look at the full range of a broker’s services and consider total cost, quality, execution capability, commission rate, financial responsibility, responsiveness to the adviser, and the value of any research services (soft dollars) provided. The obligation to seek best execution on trades stems from the adviser’s fiduciary role, as stated in the Investment Advisers Act and other legislation. An adviser must always put a client’s interests above its own interests or the interests of anyone else.

Broker-dealers and agents are required to make reasonabl

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