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Financial Firms Fail to Own Up to Advisers' Past Misdeeds

In July, millions of American investors received a new government-mandated form from their financial planners that required advisers to disclose past misdeeds. But hundreds of the firms didn’t tell the full truth, a Wall Street Journal analysis has found.

The Securities and Exchange Commission finalized the form last year at a maximum of four pages. The aim was to provide ordinary investors with a simple way of evaluating financial advisers by asking and answering a handful of basic questions about matters including fees,…

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