NEW YORK ( MainStreet)--As the Department of Labor prepares to issue new rules that could expand a "client-first" standard of financial care for retirement investors, a new survey says most financial advisors favor the more-stringent guidelines. More than three-quarters (79%) of advisors support an ERISA fiduciary standard for advice to investors on rollovers from 401(k) and IRA retirement accounts, according to the fi360-ThinkAdvisor Fiduciary Survey. Currently, advisors can be exempt from the more stringent standard under certain conditions.
"Though regulators may still be considering whether and how to impose a fiduciary standard on advice givers," said Jamie Green, group editorial director for Summit Business Media's ThinkAdvisor, "many advisors are already putting their client's interests first, whether or not they have a legal obligation to do so." --Written by Hal M. Bundrick