Complying with the Labor Department fiduciary rule may lead to increased technology budgets across the financial services industry.(Photo: Getty)

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.

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