Fiduciary duty tops the reasons why clients choose to work with independent registered investment advisors, according to a recent advisor sentiment survey released by TD Ameritrade Institutional. Twenty-nine percent of those surveyed said they chose to work with an RIA because they offer advice that is in the best interest of their clients. Twenty-one percent said they hired an RIA for more personalized service and a competitive fee structure, and 19 percent said they moved to an RIA because they were dissatisfied with full commission brokers.

"The survey results support what we believe is a long term trend of investors gravitating to the fiduciary model. Over the past few years, we've seen RIAs benefit from money in motion due to disruption at traditional full-commission firms. And as the dust has settled, investors can see more clearly the potential benefits of hiring an RIA," said Tom Bradley, president of TD Ameritrade Institutional. "Investors may increasingly seek the confidence that can come from working with independent RIAs who sit on the same side of the table and are required by law to put their clients' interests first."

A shaky summer filled with extreme market fluctuations, natural disasters and ongoing European economic woes have some advisors feeling less confident about the economy. The quarterly survey of 502 RIAs indicates many advisors are growing increasingly concerned about the macroeconomic environment and its impact on their businesses. Over half of advisors indicated they are pessimistic to very pessimistic about the outlook of the U.S. economy over the next three months, up from just 18 percent the previous quarter.