Last year, nearly 4 in 10 sponsors said they were actively looking for a new plan advisor—an all-time high in Fidelity's survey's history. This year, 22% claim to be actively looking to switch advisors, still historically high, said Fidelity's Burgess, but down markedly. (Photo: Shutterstock)
When Fidelity released its annual Plan Sponsor Attitude Study last summer, industry was in the thick of implementing the Labor Department's fiduciary rule.
The regulation's impartial conduct standards had already been implemented, making advisors and brokers to 401(k) plans with less than $50 million in assets fiduciaries and requiring them to put the best interest of plan sponsors and participants before their own.
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