A majority of brokers and advisers support and understand key elements of the fiduciary standard, a survey of nearly 900 professionals by SEI Investments found. Eighty-six percent of advisers and 53% of brokers agree with the statement that, “All financial professionals who give investment and financial advice should be required to meet the fiduciary standard.”
Only 19% of brokers said they were undecided, and 27% disagreed with the standard.
Ninety-eight percent of advisers and 80% of brokers said they understand the standard either “fairly well” or “very well.” The poll also showed that a majority of advisers (89%) and brokers (61%) are against being allowed to ask clients to waive the fiduciary standard.
“As practitioners and policymakers vigorously debate the future of regulation in the financial industry,” said Jerry Lezynski, head of marketing and communications for the SEI adviser network, “SEI felt strongly that a true barometer of on-the-street sentiment was needed. The poll results indicate that the fiduciary standard is both supported by brokers and advisers, and its key components are clearly understood.”