For most advisors, the push to comply with the Department of Labor’s new fiduciary rule continues.
In a recent survey, Fidelity found that the vast majority, 63%, were moving ahead as planned (44%) or slowing down their compliance efforts only slightly (19%).
Less than a quarter, or 23%, say they are moving somewhat slower to conform to the new fiduciary standard, with just 14% indicating that they have decided to proceed at a much slower pace. Only 1% of advisors polled by Fidelity around Jan. 18 state that they have halted their DOL compliance efforts.
“Advisors continued to focus on implementation and have firmly shifted their focus from the ‘what’ to the ‘how,’” said Scott E. Couto, president, Fidelity Institutional Asset Management, in a statement.
“While they have invested time, energy and resources to understanding the rule and its implications, they have now directed their attention to what it means for their practices, including how to implement the necessary changes, regardless of any potential regulatory developments,” Cuoto explained.
In a separate survey, 32% of advisors said their top concerns in the fourth quarter were those tied to government and economic issues.