FALLS CHURCH, VA and BRYN MAWR, PA (June 28, 2013) — A new survey of financial professionals by the National Association of Insurance and Financial Advisors (NAIFA) and The American College of Financial Services reveals important concerns on the part of registered representatives and dual-registered advisors about the potential implementation impacts of a new fiduciary rule. Of those surveyed, 84 percent believe their costs of doing business will increase under a uniform fiduciary standard, and 77 percent expect to pass at least some of that increase along to retail investors.
NAIFA and The American College of Financial Services conducted the survey through outreach to members, alumni, and publicly available lists of registered representatives, investment advisors, and dual-registered advisors. The survey was conducted in response to the Securities and Exchange Commission’s request for data as it conducts a cost-benefit analysis to determine whether a uniform fiduciary rule applying to both registered representatives and investment advisors is warranted, and if so, what that rule should entail.