In comments filed with the US Securities and Exchange Commission last week on the regulator's proposals to increase point-of-sale disclosure for brokers selling various financial products, the National Association of Securities Dealers recommended the use of a "profile plus" system for online mutual fund sales.
The NASD was responding to the SEC's suggestion that brokers should disclose costs and potential conflicts of interest when they sell mutual funds, variable insurance plans, annuities, and college savings plans.
In a statement, the Association explained that its proposed profiling system would allow brokers to provide online investors with general information on the mutual fund in question (including expenses and fees), information on conflicts of interest, past performance data, investment objectives, and potential risks.
"Giving investors a concise disclosure document with access to more-detailed information through hyperlinks, a web-based Profile Plus would allow them (investors) to review as much or as little detail about a fund as they wish," NASD chairman Robert Glauber told the media last week.
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