Overview

This work is part of our post-implementation review of the Initial Disclosure Document (IDD) and Menu, two documents that, since March 2005, financial advisers must give customers at the beginning of the advice process. We are examining data on commission rates paid on various types of packaged products over time. We want to discover whether the requirement that advisers make these disclosures affected the average rate of commission, the cash levels of commission, the frequency of very high commissions, and the amount of adviser income that comes from fees rather than commission.