Just 42 percent of advisors say they are aware of their firms’timeline for implementation or what training or support the firmwill provide, while only a third (33 percent) are aware of theirfirm’s new compliance procedures.

Related: 4 versions of the Best Interest ContractExemption

That’s according to a Nationwide Retirement Institute survey thatfound that most advisors — 87 percent, in fact — are consideringchanges to their business model as they wait to learn what theirfirms will require in terms of compliance with the U.S. Department ofLabor’s new fiduciary rule.

While advisors provided varied perspectives regarding how theyplan to change their mix of products sold, the survey found that 43percent may plan to expand services offered to more holisticplanning and 26 percent may plan to focus on nonqualifiedaccounts.

Related: Check out our DOL Fiduciary Rule page

The Best Interest Contract Exemption (BICE) continues to be anarea of great concern for firms and advisors. Only 23 percent ofadvisors are aware of their firms’ plans with respect to adoptionof the BICE to sell variable compensation products. At the sametime, 78 percent identified the BICE as one of the greatest areasof impact to their business.

While there’s been considerable outcry over both the fiduciaryrule and the BICE within the industry, not all feel that it will bebad —at least in the long run. Consultant Cerulli said back in March that therule will bring about “unexpected changes to the retirement andwealth management industries, and, to a degree, this culturalevolution is what the proposed rule is hoping to effect.”

Advisors are “eager,” according to Nationwide, for informationabout the new rule. Still, respondents considered themselvesknowledgeable about its various aspects, with 82 percentcharacterizing themselves knowledgeable about fiduciaryrequirements; 76 percent, about products subject to fiduciarystandards; 76 percent, about fee/compensation disclosurerequirements; 73 percent, about BICE; 69 percent, about what isconsidered advice vs. education; 64 percent, about grandfatheringprovisions/conditions; and 64 percent, about levelized compensationrequirements.