More than three-quarters (77%) of Americans prefer investment advisors to be legally required to act in the best interests of their clients while offering retirement investment advice, according to a survey from Financial Engines.
Also, 73% of the respondents opined that it was important for all financial advisors to be legally required to comply with this standard.
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Nearly half (46%) of the respondents mistakenly held the view that all financial advisors are already required to offer non-conflicted advice to their clients.
While, 41% of the respondents working with financial advisors said they were unsure on whether their advisor was a fiduciary or not.
The report says that this confusion may be the result of industry jargon, as only 18% of the respondents knew the meaning of a fiduciary advisor.
Financial Engines CIO Christopher Jones said: "Our research shows that even if people may not fully understand the intricacies of who is a fiduciary and who is not, they have a clear preference for advisors who are legally required to put their clients’ best interests first."
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By GlobalData
