What must advisers ensure regarding aggregate trade orders?

The correct focus for investment advisers regarding aggregate trade orders is on ensuring a fair and equitable distribution of transaction costs among the different accounts involved. When advisers combine multiple client orders, it’s crucial to allocate any associated costs—such as commissions, fees, and other trade-related expenses—fairly across all clients who participated in the aggregate order.

This practice not only adheres to regulatory requirements but also helps maintain client trust and ensures that all clients are treated equitably. The legal framework governing investment advisers emphasizes the duty to act in the best interests of clients, which includes transparency and fairness in cost allocation.

While considerations like the distribution of profits or priority execution may come into play in certain strategies, they do not directly address the fundamental obligation to ensure that transaction costs are shared fairly across all accounts involved in an aggregated trade. Therefore, focusing on transaction costs is the primary requirement for advisers in this context.