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Fiduciary duty main reason clients choose to work with RIAs: Survey

Fiduciary duty tops the reasons why clients choose to work with independent registered investment advisors, according to a recent advisor sentiment survey released by TD Ameritrade Institutional.

By Paula Aven Gladych | Updated on October 18, 2011

Fiduciary duty tops the reasons why clients choose to work with independent registered investment advisors, according to a recent advisor sentiment survey released by TD Ameritrade Institutional. Twenty-nine percent of those surveyed said they chose to work with an RIA because they offer advice that is in the best interest of their clients. Twenty-one percent said they hired an RIA for more personalized service and a competitive fee structure, and 19 percent said they moved to an RIA because they were dissatisfied with full commission brokers.

“The survey results support what we believe is a long term trend of investors gravitating to the fiduciary model. Over the past few years, we’ve seen RIAs benefit from money in motion due to disruption at traditional full-commission firms. And as the dust has settled, investors can see more clearly the potential benefits of hiring an RIA,” said Tom Bradley, president of TD Ameritrade Institutional. “Investors may increasingly seek the confidence that can come from working with independent RIAs who sit on the same side of the table and are required by law to put their clients’ interests first.”

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