Fidelity survey finds advisers still focusing on DOL rule implementation

Despite possible postponement of the Department of Labor's fiduciary rule, 44% of advisers did not slow down their implementation and compliance plans in January, while another 19% were proceeding only slightly slower with their plans, according a poll of advisers conducted last month by Fidelity. In a release, Fidelity said that many of the 250 advisers who took part in its fourth quarter Advisor Investment Pulse survey were focused on strategic and tactical changes related to how they run their practices and work with their clients, including identifying potential new clients as they move toward more fee-based business, as well as balancing face-time with clients and the time needed to complete compliance requirements. (More: Dodd-Frank repeal could lead to big changes for indexed annuities) “The reality is that the rule is only accelerating — not causing — some of the fundamental trends that had already been taking hold across the retirement industry: the shift toward greater transparency, fee-based compensation, lower-cost products and digital advice solutions,” said Scott E. Couto, president of Fidelity Institutional Asset Management.