More than 90 percent of independent financial advisors said the Department of Labor should not redefine the meaning of fiduciary to ban the giving of IRA advice for a fee, a poll released Thursday by the Financial Services Institute found.
The number against the change (91 percent) was unchanged from last year. Last month, the U.S. House voted, largely along party lines, to delay new fiduciary rules.
"Financial advisor opposition to the Department of Labor's fiduciary definition proposal has … held strong over the past year. The redefinition could ban the earning of a commission on IRA advice, pricing millions of middle class investors out of the market for affordable retirement advice," said FSI President and CEO Dale Brown in a statement.
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