While it is unclear whether SEC Chairman Jay Clayton will have the SEC commissioner votes to finalize the proposal, he has indicated he intends to attempt to finalize the new regulations by 2019.
With the regulations on the relative fast track, Fidelity is urging firms to evaluate areas of high compliance risk in the proposals and to assess how technology can help them mitigate these risks now, rather than waiting.
The online survey was conducted in June and July, yielding responses from 391 advisors from a mix of banks, independent broker-dealers, insurance companies, regional broker-dealers, RIAs and national brokerage firms and wirehouses.