The service providers that will ultimately deliver advisors the tools needed to comply with the Department of Labor’s fiduciary rule are asking for more clarification, according to a survey from the SPARK Institute.
The trade group’s survey asked retirement plan service providers about possible changes to their business practices to comply with the new fiduciary regulatory structure.
Responses were mixed; while 14 percent of respondent firms indicated that they would become fiduciaries for the first time under the new regulations, 23 percent said they would continue to be a fiduciary and 30 percent said they planned to continue under a nonfiduciary status.
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