Independent advisors remain opposed to the Department of Labor’s pending rule to redefine the term fiduciary under the Employee Retirement Income Security Act, and they also predict that Republicans will gain control of the Senate in the upcoming midterm elections, according to a just-released poll by the Financial Services Institute.
The poll of 2,300 FSI members was released Wednesday and gauged advisors’ attitudes on the midterm elections as well as “critical industry issues” they face. When asked by FSI if they believed DOL should "redefine the definition of 'fiduciary' for financial advisors effectively banning the earning of commissions on IRA advice," 90% of advisors said they were opposed to the DOL’s redraft. Ninety-one percent of advisors said they opposed the DOL redraft in FSI’s 2013 poll.
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