3 Big DOL Fiduciary Pain Points for Advisors
July 10, 2017 by Emily Zulz
Financial advisors see the path ahead with the Department of Labor fiduciary rule as requiring some “elbow grease.”
A new report from Aite Group, DOL Fiduciary Rule: Survey on Financial Advisor Sentiment, focuses on the public debate that continues regarding the rule and on how financial advisors feel about the challenges they face as the rule becomes enforceable.
This report focuses on the responses of 152 financial advisors who service retail retirement accounts and state they are familiar with the impact of the fiduciary rule in relation to working with clients. The online survey was conducted from April to May 2017 and includes advisors from various financial firms, such as broker-dealers, banks and insurance firms, as well as independent RIAs.
“Although no doubt painful, the DOL fiduciary rule has furthered the fiduciary concept in the industry — to the industry’s benefit — when trust-building is critical,” Denise Valentine, Aite Group senior analyst, said in a statement, adding that “financial advisors see the path ahead requiring some elbow grease, but they are up for the challenge and optimistic.”
Aite Group asked respondents, many of whom have had many months of preparation, how difficult they think various tasks will be if the regulation proceeds as it stands today.
Most respondents agree as to where pain points exist — and here are three areas where advisors predict challenges.
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