IBDs overwhelmingly say Trump should revoke fiduciary rule: survey
Nearly 90% of respondents to a Financial Services Institute survey indicate their support for repeal
Nov 29, 2016 @ 1:09 pm | By Greg Iacurci | Investment News
Registered representatives of independent broker-dealers overwhelmingly believe president-elect Donald Trump should revoke the Labor Department’s fiduciary rule, according to a survey conducted by the Financial Services Institute Inc., a trade group representing IBDs.
Eighty-six percent of survey respondents said Mr. Trump should revoke the regulation, which raises investment advice standards in retirement accounts such as 401(k)s and IRAs.
FSI polled 1,357 independent financial advisers the week after the U.S. presidential election of Nov. 8. Seventy-one percent of respondents voted for Mr. Trump, the Republican candidate, while 19% voted for Democratic candidate Hillary Clinton and 10% either voted for a different candidate or didn’t respond to the question.