NAPA Net - Polling Places 052617

What Will the Fiduciary Rule Mean for "Blind Squirrels?

There have been many thoughtful, insightful, reasoned notions about the impact of the fiduciary rule, and some that teeter on wild speculation, including the notion that it would decrease the number of “blind squirrel” advisors – and that it would have no effect.

The notion that the so-called “blind squirrels” – those being advisors who don’t know anything about retirement plans – would flee the retirement plan business due to the constraints of the fiduciary regulation at first glance seems almost intuitive. And yet, with the (delayed and somewhat revised) applicability date looming – and the uncertainty regarding the impact of the final regulation – some have begun to rethink that notion.

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* 1. How do you think the fiduciary regulation has impacted the number of "blind squirrels" working with retirement plans thus far?

No impact at all

Some slight downward impact

There are fewer because of changes in B/D compensation policies.

There are a lot fewer.

There might actually be more....

I haven't noticed.

Other (please specify)

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* 2. How do you think the actual applicability of the fiduciary regulation will eventually impact the number of "blind squirrels" working with retirement plans?

No impact at all

Some slight downward impact

There will be fewer because of changes in B/D compensation policies.

There will be a lot fewer.

There might actually wind up being be more...and they'll be better paid.

Who knows?

Other (please specify)

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* 3. What do you think the most outlandish predication about the fiduciary regulation (to date) has been?

That it will run off "blind squirrels"

That it won't run off "blind squirrels"

That it won't impact the amount/cost of advice offered

That the current system costs savers $17 billion

That it won't cost savers/investors more

That (some) advisors are akin to a colony of termites feeding off Americans' savings.

That we didn't need the fiduciary regulation (or something like it) to protect IRA investors

Something else (worse?)?

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* 4. Any other comments on the fiduciary regulation, blind squirrels, the impact of blind squirrels, the use of the term "blind squirrels", or life in general?

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* 5. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 6. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 7. Suggestions for future survey questions?

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* 8. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...