They may not fully understand just what constitutes a fiduciary, or whether their own financial advisor is one, but the great majority of Americans want that advisor to be legally required to provide advice that is not touched by conflicts of interest.
That's according to a new survey from Financial Engines, which found that 77 percent of respondents said they would support legally requiring all financial advisors to put their clients' best interests first when providing retirement investment advice.
A similar amount, 73 percent of respondents, said they felt it was very important that all financial advisors be legally required to meet this standard. That highlights the controversy over the impending issuance of the Department of Labor's fiduciary rule, which will require advisors who provide advice on retirement assets to serve as fiduciaries.
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