Form CRS (Customer Relationship Summary) is a two-page disclosure document that registered investment advisors and broker-dealers must provide to retail investors. While the form itself is standardized, the cover letter you send with it is not — and it's an important opportunity to make the disclosure feel personal and useful rather than like regulatory paperwork.
Adopted by the SEC in 2019 as part of Regulation Best Interest, Form CRS describes in plain English:
The form uses standardized headers and conversation starters like "Given my financial situation, should I choose an investment advisory service? Why or why not?" These are designed to help clients ask better questions — your cover letter can help prime them to actually do so.
Compliance Note: Form CRS delivery must be documented. Keep records showing when, how, and to whom you delivered the form. SEC examiners have cited firms for failing to document CRS delivery. Use email with read receipts, a client portal with delivery tracking, or obtain a written acknowledgment. The form itself must not be modified — you can add a cover letter, but the Form CRS content must remain as filed.
[Date]
[Client Full Name]
[Client Address]
[City, State, ZIP]
Dear [Client First Name],
Thank you for choosing [Firm Name] as your investment advisor. As required by SEC regulations, I'm providing you with our Form CRS (Customer Relationship Summary), enclosed with this letter.
Form CRS is a short document — just two pages — that summarizes who we are, what services we provide, how we're compensated, and our legal obligations to you. I encourage you to read it before our first meeting.
A few things I'd like to highlight:
You can find our most current Form CRS on file with the SEC at www.adviserinfo.sec.gov (search for "[Firm Name]" or our CRD number [XXXXXXX]).
Please review the enclosed Form CRS at your convenience. If you have any questions, I'm happy to discuss it before, during, or after our initial meeting.
Warm regards,
[Advisor Name]
[Title]
[Firm Name]
[Phone] · [Email]
CRD #[XXXXXXX]
When you file an amended Form CRS with material changes, you must deliver the updated form to all existing retail clients within 60 days. The delivery letter for material changes should briefly describe what changed and why, so clients don't need to compare the old and new versions line by line. Be specific: "We updated our fee schedule in Item 3 to reflect our new planning retainer option" is far more useful than "We updated our Form CRS."
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