Client Agreements

What We Are Looking For

Contracts should be:

In writing

Up to date

Properly executed: *Signed by both parties*

Have clearly defined terms that are being properly followed

Contracts should include the following sections:

Services

Term of contract

The Fee

Fee formula

Refund policy for prepaid fees (if applicable)

Discretionary Authority

Non Assignment Clause

Arbitration Clauses

Contact the Utah Division of Securities regarding Arbitration Clauses.

Best Practices

The client should initial in the following sections:

  • ADV receipt
  • Direct deduction authorization

Discretion

RIAs should consider reviewing their document retention policies to ensure that any required records generated by social media communications are retained in compliance with the federal securities laws, including in a manner that is easily accessible for a period not less than five years.

  • The contract is governed by the laws of the state where the client resides and should be stated in the contract.
  • If multiple services, such as financial planning and asset management, are offered, a contract is needed for each service.

Information has been provided by NASAA. You will be subject to all relevant laws, regulations, rules, and orders whether or not they are included in this information sheet.