Identical firms answer questions like these differently making the resulting data meaningless and useless. If anyone wants to use this data, the SEC will need to standardize answers first. If no one wants to use this data, we should eliminate the burden of providing it.
It is relatively easy for an adviser who has a 400 lawyer compliance department to sit through some compliance continuing education and yet never understand what attitudes and behaviors need to be changed.
The United States has three sectors of the economy suffering under regulatory red tape: financial services, energy and now health care. I’m certain the financial services regulations have caused more harm than good.