the Department of Labor (DOL) conflict of interest rule potentially underway
this year, along with the growing use of robo-advisers and the Securities and
Exchange Commission’s (SEC) proposed Rule 206(4)-4 requiring business
continuity plans, advisers may anticipate 2017 to intensify industry pressures.
However, responses from the survey indicate that despite potential pressures,
RIAs continue to feel confident.
Eighty-two percent reported minimal to no
concerns over robo-advisers as a competitive threat, while the majority of
responding advisers are not concerned over the DOL fiduciary rule. In regards
to the SEC’s rule on business continuity plans, 57% of advisers have plans
finalized, 31% are in the process of developing plans, and eight in 10 of advisers are
aware of the requirement.
have been the fastest growing channel in the financial advice marketplace in
large part because they offer investors a personalized, client-first approach.
At the same time, they have to find ways to navigate the myriad market forces
converging on the industry if they want to keep growing,” Nally says. “RIAs can
continue to grow by facing challenges head on, whether that means developing a
robust retirement plan business, attracting a new generation of clients or
embracing new technology to deliver a better digital experience.”
More information about the survey findings can be found here.