NAPA- Most Advisors Say Fiduciary Regulation is Holding Them Back

by Ted Godbout | August 17, 2017
Conducted by Harper Polling on behalf of the Financial Services Roundtable (FSR), the survey of 600 financial advisors throughout the U.S. finds that only 12% of financial professionals believe the fiduciary rule is helping them serve their clients’ best interest.

Advisors across geographic regions, at large and small firms, and across professional designations all tend to agree that the Department of Labor’s fiduciary rule will have some impact on their business models, according to new survey results.

Conducted by Harper Polling on behalf of the Financial Services Roundtable (FSR), the survey of 600 financial advisors throughout the U.S. finds that only 12% of financial professionals believe the fiduciary rule is helping them serve their clients’ best interest. In addition, 75% of respondents report that they will service fewer small accounts due to increased litigation risk and compliance costs.

The survey was conducted one month after the June 9, 2017, applicability date to assess the impact the rule is having on the marketplace. The survey data was included in FSR’s comment letter responding to the DOL’s request for information (RFI) on the rule, as was a survey chronicling similar results.
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Harper Polling