Survey Says: DOL Rule Will Shrink Advisor Force
November 3, 2016 by Cyril Tuohy
The Department of Labor fiduciary rule is expected to reduce the financial advisor population, with 10 percent of advisors planning to leave or retire from the business, according to new research.
Another 18 percent reconsidering their careers, the Fidelity Institutional survey revealed.
While many advisors appear headed for the exits, plenty of advisors are here to stay. Twenty-nine percent of advisors see the fiduciary rule as having a positive impact on their business, the survey found, a sign that advisors may be moderating their positions with regard to the rule.
“We are seeing shifts in perspectives as well as shifts in plans as firms begin to chart their long-term strategies for growth in the post-DOL rule landscape,” said Tom Corra, chief operating officer of Fidelity Clearing & Custody Solutions, in a news release.
Click HERE to view the full story via INN; subscription may be required.
