Wealth Bulletin – The Securities and Exchange Commission’s decision to expand its examination of advisory firms to include contact with clients has irked the advisers, according to an investmentnews report. The advisers fear that their clients might panic and get nervous because of the unwanted scrutiny.

The SEC sent a letter this week to several trade associations, saying that its examiners would increase the number of sources used to verify account assets, including contacting clients, hedge fund investors and managers, bank and broker-dealer custodians, account administrators and others.

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Tags: account administrators, account assets, advisory firms, broker-dealer, fund investors, scrutiny, securities-and-exchange, securities-and-exchange-commission, trade associations