Financial advisors continue to overwhelmingly oppose the Department of Labor’s efforts to redefine the term fiduciary, according to a poll by the Financial Services Institute released Wednesday.
The poll of 2,331 independent financial advisors shows 90 percent oppose the DOL rule making efforts, says FSI, which represents independent advisors and independent financial services firms.
The survey also reveals only 43 percent of advisors think equities will have a strong second half of the year, while 49 percent think it will be neutral.
The survey addressed political issues, and 66 percent of advisors feel Republicans will take over the majority in Congress during the mid-term elections.41
A minority of advisors (41 percent) have a succession plan in place in preparation for leaving the business, but only 15 percent say they plan to retire or sell their businesses within the next five years. Twenty-nine percent plan to acquire another practice or book of business in the next five years.
“Financial advisor opposition to the Department of Labor’s fiduciary definition proposal has held strong over the past year," says FSI President and CEO Dale Brown. "We see no sign of complacency creeping in as the rule is postponed yet again,”