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Bulk of advisors oppose DOL fiduciary redraft

A poll by the Financial Services Institute finds that opposition to the rule change remains nearly absolute.

By Melanie Waddell | Updated on July 10, 2014

Independent advisors are opposed to the Department of Labor’s pending rule to redefine the term fiduciary under the Employee Retirement Income Security Act, and they predict that Republicans will gain control of the Senate in the upcoming midterm elections, according to a poll by the Financial Services Institute.

When asked by FSI whether they believed DOL should “redefine the definition of ‘fiduciary’ for financial advisors, effectively banning the earning of commissions on IRA advice,” 90 percent of respondents said they were opposed to the DOL’s redraft. Ninety-one percent of advisors said they opposed the DOL redraft in FSI’s 2013 poll.

Also read: DOL fiduciary rule in 2016?

FSI polled its 37,000 advisor members for the survey in mid-June; 2,331 responded.

Industry officials recently told ThinkAdvisor that the White House’s National Economic Council will be performing “industry outreach” regarding DOL’s redraft, and that the NEC is part of a White House working group that’s focusing on DOL’s fiduciary rulemaking.

The redraft release date has been pushed to January.

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