February 13, 2006
The recently expanded current "new and improved" disclosures should prove to you, as a regulators, that expanded printed dicclosures simply reduce the investors use of the documents. Rather than continually increasing the disclosure requirements, a great deal of thought should be spent in shortening the disclosures, and in simplifing the language and improving the usefulness of the information to the investor. Most financial planners and insurance and financial advisors spend a good deal of time in explaining the investment recommendations they make to their clients. This additional, unused (and unusable) disclosure information simply increases expense, and reduces understanding for nearly all investor clients.