CT HB05608

Requires registered investment advisers to disclose in writing that clients may select one or more beneficiaries or contingent beneficiaries for their assets as part of investment advisory contracts.

Amends section 36b-5 of Connecticut general statutes to add beneficiary disclosure requirement to existing investment adviser contract disclosure requirements.

Investment advisers must obtain signed client consent to contracts that include the new beneficiary selection disclosure along with existing disclosures about compensation, assignment restrictions, partnership changes, fees, and services.

Effective date is October 1, 2021.