The majority of advisors are adapting to stricter compliance rules and successfully absorbing the added expenses, according to a new survey.

    The survey by Rydex AdvisorBenchmarking found that 62% of surveyed advisors say they have implemented written supervisory procedures to deal with the new compliance laws, and 55% say they have designated a chief compliance officer.

    Only 19% say they have done nothing in response to new compliance requirements.

    Also, 50% say their expenses jumped as a result of developing written procedures, and 30% say they are paying more legal fees. Insurance premiums, development of educational materials, accounting/auditing fees, hiring additional staff and overtime were also cited as causes of cost increases.

   Only 29% say their compliance costs have stayed the same.

    "Complying with tough new regulatory measures is one of the realities of doing business for advisors," says Maya Ivanova, research analyst for AdvisorBenchmarking.