“It’s become confusing now. Within the traditional world, advisors are becoming fiduciaries on the non-taxable side, but what are they on the other side where suitability has been the law of the land?” asked Clark. “The SEC needs to move quickly on the fiduciary issue so that the SEC and DOL can come together and harmonize an understanding of the fiduciary standard.”
Other areas of concern for advisors included U.S. market volatility, tax legislation, interest rate policy and global market volatility.
Schwab interviewed 912 advisors at independent investment firms with assets custodied at Schwab in March and Aprill.