Insurance Agents, Fiduciaries? Survey Says Investors Think So
Investors mistakenly believe everyone who provides financial advice is already a fiduciary, according to a survey released Wednesday by a group of investment adviser and consumer protection groups. That includes stockbrokers, insurance agents, and anyone called a financial advisor. See our story about it here. And the full study here.
Some of the key takeaways: Nine out of 10 U.S. investors think that a stockbroker and an investment adviser who provide the same services should have to follow the same investor protection rules. (Supporters of this point include 92 percent of households with over $100,000 or more in assets and 90 percent of college graduates.) Nearly all U.S. investors (97 percent) agreed that financial professionals should put their clients’ needs first and disclose all fees and conflicts. And nearly all U.S. investors (96 percent) agree that the fiduciary requirement should extend to insurance agents selling investments.
This could be good for the insurance industry.
Yeah, that's why the are lobbying so hard against it.