Fee Disclosure

This walks you through fee disclosure rules across RIAs, broker-dealers, funds, and ERISA plans. You'll want it when drafting Form ADV Item 5 schedules, checking prospectus fee tables, or reviewing whether your Reg BI disclosures actually tell clients the all-in cost. It covers the stuff that triggers enforcement actions: 12b-1 fees when cheaper share classes exist, undisclosed revenue sharing from fund platforms, wrap programs that aren't cost-effective for buy-and-hold clients. The skill maps where disclosure gaps create regulatory risk, from indirect compensation buried in fund expenses to reverse churning in wrap accounts. Treat it as a checklist for "are we showing clients every layer of what this costs them."

skills.sh installs: 679
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last updated: Aug 21, 2026

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Install

$ npx -y skills add joellewis/finance_skills --skill fee-disclosure --agent claude-code

Installs into .claude/skills of the current project.

Files

Fee Disclosure

Regulatory status current as of June 2026 — verify effective dates, dollar thresholds, and pending rulemakings against current SEC/FINRA/FinCEN sources before advising.

Core Concepts

Form ADV Part 2A — Item 5 (Fees and Compensation)

RIAs must disclose in their firm brochure:

Fee schedule — how fees are calculated (asset-based, fixed, hourly, performance-based), fee rates and tiers, minimum account sizes
Billing method — frequency (monthly, quarterly), in advance or arrears, pro-ration for partial periods
Other fees and expenses — custodian fees, fund expense ratios, transaction costs, wire fees, and any other costs the client will bear in addition to the advisory fee
Compensation for sales of securities — if the adviser or its supervised persons receive commissions, 12b-1 fees, or other sales-based compensation, this must be disclosed with a description of the conflict
Refund policy — how prepaid fees are refunded if the relationship terminates mid-period

SKILL.md on GitHub