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Americans Want Fiduciaries

93 percent of Americans believe financial advisors who give retirement advice should be legally required to put their clients’ interests first, according to a new survey from Financial Engines, an RIA in Sunnyvale, Calif. And more than half of those surveyed believe that all advisors are already held to a fiduciary standard. 61 percent of Americans don’t know the difference between a financial advisor who is a fiduciary and one who is not, but that is down from 66 percent last year. Only half of investors who work with an advisor are certain that their advisor is a fiduciary, while nearly four in 10 (38 percent) don’t know if their advisor is or not. “While the debate over the conflict of interest rule has raised consumer awareness about this important standard, investors must still be careful to demand advisors that act in the sole best interests of their clients,” said Christopher Jones, chief investment officer at Financial Engines. The study, conducted by ORC International, was based on a survey of 1,025 adults ages 18 and older.

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