A new survey released Wednesday by the Financial ServicesInstitute suggests that more than three-quarters of advisorsbelieve that a deal will emerge to avert the fiscal cliff - butthey're also concerned about what will come of the DOL's quest fora Fiduciary Rule.

The FSI polled nearly 2,500 independent financialadvisors on issues including the “fiscal cliff,” theeconomy, taxes and other factors impacting their Main Streetclients. This poll expanded on the polls FSI conducted in Februaryand August with its financial advisor members.

According to poll results, financial advisors overwhelminglybelieve (79 percent) that a deal will be reached averting thefiscal cliff. A significant majority of respondents (72 percent)believe that a deal will include not only higher marginal tax ratesfor “wealthy Americans” but will also include curbs on deductions.Nearly all financial advisors (90 percent) think a fiscal cliffdeal should include both fundamental tax code and entitlementreforms. Over half also responded that the capital gains tax shouldremain at its current rate of 15 percent.

Asked whether or not increased regulatory and compliancerequirements – enforced without cost benefit analysis – haveresulted in better service and protection for investors, only 5percent responded they did.

“With the election behind us, all eyes are now on Capitol Hilland the White House as fiscal cliff talks continue,” said FSIPresident & CEO Dale Brown. “Our independent financial advisormembers have a unique vantage point on these issues as they workclosely with Main Street American investors on a daily basis. Whilethey recognize the need for compromise and reforms in order to makeour country financially sound, they also see how many of thesesignificant changes will impact their clients’ ability to save forretirement, pay for their children’s education or care for agingparents.”

Financial Advisor opposition to the Department of Labor’sfiduciary definition proposal has increased over the past year.This latest poll found that 91 percent oppose redefining thedefinition of fiduciary for financial advisors, up from 89 percentin August and 72 percent in February of this year. The redefinitionwould ban the earning of a commission on IRA advice, pricingmillions of middle class investors out of the market on affordableadvice.