The majority of financial advisors and broker understand the need to meet high fiduciary standards, including clear disclosure of fees, according to a survey published yesterday.

More than half (53 per cent) of brokers and an overwhelming majority (86 per cent) of advisors believe that, “All financial professionals who give investment and financial advice should be required to meet the fiduciary standard,” according to the survey, conducted by SEI Advisor Network and the Committee for the Fiduciary Standard.

Almost one-fifth (19 per cent) of brokers said they are undecided and only 27 per cent disagree with the standard. Knowledge of the standard is very strong as more than three-quarters (80 per cent) of brokers and nearly all (98 per cent) of advisors said they understand the standard either “fairly well” or “very well.”

The poll also showed that a majority of brokers (61 percent) and a significant majority of advisors (89 percent) are against being allowed to ask clients to waive the fiduciary standard.

The poll was completed in October and November by 890 RIAs, IARs, and dually registered brokers/advisors, with assets ranging from less than $50 million to more than $250 million.

“As practitioners and policymakers vigorously debate the future of regulation in the financial industry, SEI felt strongly that a true barometer of on-the-street sentiment was needed,” said Jerry Lezynski, head of marketing and communications for the SEI Advisor Network. “The poll results indicate that the fiduciary standard is both supported by brokers and advisors and its key components are clearly understood.”