More than half of independent financial advisors believe that Republicans will reclaim control of the Senate after November’s midterm elections, a new poll from the Financial Services Institute (FSI) reveals.
The survey of 2,300 independent financial advisors also reveals that the vast majority of oppose the Department of Labor’s plan to classify anybody who advises on retirement accounts as fiduciaries.
90% objected to the proposed rule, which was first introduced in 2010 but has been postponed until January 2015.
The Labor Department initially felt that advisors might over-emphasize plans on which they earn commission, such as securities and certain mutual funds. The financial industry, however, argues that this will raise the cost of business and cause brokerage firms to lose clients.
“Financial advisor opposition to the Department of Labor’s fiduciary definition proposal has held strong over the past year,” said FSI President and CEO Dale Brown.
“We see no sign of complacency creeping in as the rule is postponed yet again.”
Other survey results include:
: Do you believe 2014 will end as a strong, neutral or weak year for equities performance?
: Do you believe Republicans will gain control of the Senate in the midterm elections this November?
: Do you believe the Department of Labor (DOL) should redefine the definition of “fiduciary” for financial advisors effectively banning the earning of commissions on IRA advice?
: Do you plan to buy/acquire another practice or book of business in the next 1-5 years?
: Do you plan to buy/acquire another practice or book of business in the next 6-10 years?
: Do you plan to retire or sell your practice in the next 1-5 years?
: Do you plan to retire or sell your practice in the next 6-10 years?
: Do you have a business succession plan finalized and in place?
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