Barron’s has just published the results of a survey which shows that more than 9 out of 10 investors want the fiduciary rule. The study was done by Financial Engines, and was comprised of individual investors. 93% of Americans said they wanted a best interest rule, a big jump from last year’s survey, which saw only 73% wanting a rule. However, more than half of all respondents mistakenly thought such a rule was already in place. Other stats cited in the study show that investors are becoming more attuned to the issue of fiduciary status.
FINSUM: The thing this article does not mention is how many of the respondents realized the new rule being put in place would raise average costs to investors?