A new poll of more than 2,500 advisors conducted by the Financial Services Institute shows a clear and growing sentiment against the DOL’s proposed redefinition of fiduciary initiative. More than 90% of the advisors polled did not favor the DOL’s proposal. That number is up from 72% in February 2012.
The survey was conducted early this month. The results clearly show greater concern and awareness of the new rule, which has the potential to affect IRAs as well as qualified plans. Also covered in the FSI survey:
• the effect of the government shutdown on clients and advisors’ workload
• opinions on raising taxes and cutting costs
• market expectations
• succession planning
FSI represents 100 independent broker dealer firms that account for more than 160,000 advisors.
