The poll that involved 100 participants at SEI’s annual Connections Conference, also stated that 44% of those polled ranked managing these regulatory changes as their firms’ top priority, demonstrating that other issues are splintering their focus.
Further, it was stated that clarity is still needed on the details of new regulatory changes, with only 22% responding as to being satisfied for having received enough information to fully understand the new regulations.
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61% of the respondents said that they are learning about the regulations now, whereas 19% said that they are still in the dark.
However, 94% feel at least somewhat confident their firm will meet the new regulations by the time they take effect.
"The challenge for firms is anticipating the regulations’ parameters before they’re finalized and bracing for unexpected changes, without losing momentum in other areas of their businesses," said Sandy Ewing, senior vice president of SEI’s Global Wealth Services.
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