Dodd-Frank Requires More Disclosure from Broker Dealers, Clarifies

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Broker Dealer and RIA database firm explains the proposed FINRA broker disclosure statement.

Having the written statement offer a clear guideline as to what is expected from the relationship could be one more step in helping to raise the standard of care that Broker Dealers provide. says Customers of a Broker Dealer (BD) may soon get clear information regarding the scope of the duties and responsibilities of the BD. This comes as a result of the Financial Industry Regulatory Authority (FINRA) proposing a new broker disclosure statement. The new proposal anticipates future rule-making by the Securities and Exchange Commission (SEC) to satisfy requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under Dodd-Frank the SEC must create rules to establish a fiduciary duty for broker dealers and provide disclosures of material conflicts by broker dealers and registered investment advisers. If that statement is adopted, each Broker Dealer would be required to provide potential customers with a written statement, prior to working with them.

“While it is just a proposal at this time, it is something that could bring customers both peace of mind and a more detailed look at their relationship with the Broker Dealer,” explains Christopher Joyce, CEO of private equity firm Joyce Co. “Having the written statement offer a clear guideline as to what is expected from the relationship could be one more step in helping to raise the standard of care that Broker Dealers provide.”

The broker disclosure statement, about which FINRA is currently seeking comment, would require that the written statement given to customers outline such information as a description of the types of accounts and services that the Broker Dealer provides, any areas of potential conflicts with such services, disclosure of all financial and other incentives, and the limitations on the duties a firm owes to its customers.

Up-to-the-minute information is available to those researching broker dealers and investment advisors. Uzurp offers online affordable access to the Broker Dealer (BD) list, as well as the Registered Investment Advisor (RIA) database for $999 per year. Both databases provide the most current listing of Registered Investment Advisors, as well as registered Broker Dealers. The BD database is a comprehensive searchable database of more than 4,500 Broker Dealers. The RIA database contains over 30,000 firms and over 60,000 contacts. Both the BD database and the RIA database, accessible at , allow users to conduct demographic-based searches, access live tech support, provides mobile access, allows for unlimited “cloud” usage, and unlimited exports.

“The important factors, when it comes to working with any Broker Dealer or Registered Investment Advisor, are affordable access to information and clarity,” adds Joyce. “We provide the affordable access, and FINRA is working to help create a way for the roles to be more visible. This should make everyone feel a little more secure.”

About Uzurp:
Uzurp, based in Wilmington, Del., is a company that specializes in providing easy and affordable access to the Registered Investment Advisor database and the Broker Dealer database. Their RIA database includes more than 30,000 RIA Firms, 60,000 contacts, and can be accessed for a fraction of what their competitors typically charge. Their BD database includes information on more than 4, 500 Broker Dealer firms. Uzurp is a Joyce Co company. To learn more about Uzurp, visit the Web site at

About Joyce Co.:
Joyce Co , based in Wilmington, Del., is a business development company specializing in identifying revolutionary ideas and turning them into successful start-up companies. To learn more about Joyce Co, visit the site at

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Christopher Joyce

Christopher Joyce
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