There’s more support among financial advisors for the U.S. Department of Labor to impose a fiduciary duty on those advisors who work with retirement plan participants. The number supporting such a move increased to 74 percent last year from 61 percent the year before, according to a survey released today by fi360 and FiduciaryPath, software and consulting companies.
In a similar vein, the number of financial advisors who say a fiduciary standard should apply to advice on IRA rollovers from 401(k)s rose to 91 percent from 79 percent during the same period.
Likewise, more advisors say the duty to put client interests first that is applied to 401(k) accounts should also apply to advice on IRA accounts. The number of advisors saying so increased from 82 percent from 72 percent.
Countering claims by some financial service industry advocates, 78 percent of advisors said imposing a fiduciary duty on brokers would not reduce the availability of advice for investors, up from 68 percent in 2013.
Among respondents to the poll, 83 percent said imposing a fiduciary duty on brokers would not make their advice too expensive for investors.
The survey was conducted between April and June of last year and polled about 600 advisors.
While the sponsors said the survey encompasses both advisors and brokers, only 3.2% of the respondents were the latter.