A Form CRS, or Client Relationship Summary, is a document that provides investors with information about a broker-dealer or registered investment adviser (RIA). It’s intended to help investors understand their relationship with their advisor and decide if they’re a good fit.
A Form CRS includes:
Services offered: The types of financial services the firm offers
Fees and costs: The fees and other costs associated with the services
Conflicts of interest: Whether the firm or its investment professionals have a reportable legal or disciplinary history
Standard of conduct: The required standard of conduct
How to get more information: How to get more information about the firm
Questions to ask: Questions to help start a discussion with the advisor or broker
The SEC limits the length of a Form CRS to two pages. The SEC encourages the use of plain English, charts, graphics, and comparison tables. They also encourage layered disclosure, which allows investors to access additional information through links, QR codes, or pop-up screens.