Some reps who think they are ready for a fiduciary standard may not fully grasp the implications.
More than two-thirds of financial advisors, 67 percent, say recent moves by regulators are having “minimal to no impact” on their risk assessment processes, according to a survey. Plus, 68 percent say Department of Labor and Securities and Exchange Commission actions have had “minimal to no impact on their client interactions regarding risk assessment.”
The survey, led by the tech firm AdvisoryWorld, also says 62 percent of the roughly 250 poll respondents are “not changing their documentation practices in anticipation of the DOL fiduciary duty rule being finalized,” the firm says.
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Janet Levaux
Editor-in-Chief Janet Levaux has covered the financial markets since 1991, with a focus on financial advisors since 2005. After graduating from Yale and the Johns Hopkins School of Advanced International Studies (SAIS), where she studied global economics, Janet worked as a freelance financial and business writer in Japan, and then as a reporter and editor for Investor's Business Daily and the Bay Area News Group in California. She earned an MBA in 2007 and since then has helped lead key ThinkAdvisor projects like its Neal-Award winning reporting on Ken Fisher, Luminaries awards program and Women in Wealth newsletter.
