Last week we asked readers to weigh in on the most likely outcome(s) of the Department of Labor’s fiduciary reproposal.
The most popular response was that “fewer advisors will work with retirement plans,” narrowly edging out the sense that “advisors who work with retirement plans will all be fiduciaries,” though those two outcomes aren’t inherently inconsistent.
A more distant third was that “fewer advisors will offer retirement advice,” which came just ahead of a sense that “the proposal would be enacted and the public will suffer” and “grassroots and/or political opposition will lead to the proposal being withdrawn.”
Other consequences highly ranked by readers were:
- Retirement advice will cost more, but be less vulnerable to potential conflicts of interest.
- There will be fewer advisors.
- Retirement advice will cost more.
- Fewer small employer plans will be sold, and thus fewer established.
Thanks to everyone who participated in our poll!
Got something (else) to say? Weigh in via the comments section below!
