On June 5th, the SEC voted to adopt new rules and interpretations that were designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers. This brings the legal requirements and mandated disclosures in agreement with reasonable investor expectations while preserving access to various investment services and products in terms of choice and cost. These actions are meant to clarify the standards of conduct applicable to broker-dealers and investment advisers, help retail investors better understand and compare offered services and make an informed choice of the relationship best suited to their needs and circumstances, and support better consistency in the level of protections provided by each regime, particularly when a recommendation is made. Specifically, the rules enhance consumer protections while ensuring choices in: 1) the type of professional with whom consumers work, 2) the services they receive, and 3) how they pay for these services.