Advisors admit they aren’t too familiar with financial reform and the impact it will have on their clients. In an SEI Quick Poll, nearly three-quarters of advisors surveyed said they were “somewhat familiar” or “not familiar” with the impact financial reform will have. Furthermore, 56% said they haven’t discussed reform with their clients in the past year. Just 6% of advisors said they were “very familiar” with details of the financial reform bill.
Forty-one percent of advisors say they aren’t sure if the financial reform bill will have a positive effect on the advisory industry. Forty-three percent aren’t sure how reform will affect their practice, and 40% are unsure about how reform will change the way their clients use their services.
Regarding the bill itself, 11% of advisors said they thought reform would better protect investors and make advisors more accountable. Thirteen percent said the government should have made it a bigger priority, but the majority of advisors (57 percent) said it received too much attention at the cost of more pressing issues.
Wayne Withrow, SEI executive vice president, noted in a statement that advisors’ unfamiliarity resulted from a limited amount of time to follow financial reform, rather than a lack of interest.
“Most advisors are already juggling so much to run their businesses in today’s environment. In addition to servicing clients and prospecting, they also have to stay current with the regulatory reform changes occurring on a near-daily basis,” Withrow said in a press release announcing the survey’s findings.
SEI surveyed 144 advisors for the poll, none of whom were associated with the SEI Advisor Network.