Investment professionals expect that their firms’ budgets will be increased to accommodate technology that will help them comply with the U.S. Department of Labor’s fiduciary rule.

That’s according to a survey conducted by Windsor, Connecticut-based SS&C Technologies Holdings Inc., which found that not only are 85 percent of financial professionals expecting those higher budgets, they feel that the amount spent on compliance will be substantial: a third of respondents (33 percent) estimate that their firms will allocate 10–25 percent of their budgets for this purpose.

Asked about specific technologies necessary to buy or to enhance to achieve compliance with the rule, 18 percent of investment professionals put client portal/document management capabilities at the top of their lists. This was followed by billing, fee scheduling and disclaimer support (14 percent), portfolio management and reporting (14 percent) and financial planning (13 percent).