Do consumers really understand what a fiduciary standards means in the financial services industry? And, perhaps more importantly, do they even care? A new survey from the National Association of Personal Financial Advisors (NAPFA) was unveiled recently at its annual convention in Chicago and it certainly answers those two questions.
In the survey, 922 consumers from 48 U.S. states and six foreign countries said they do understand the fiduciary issue and they prefer advisors who adhere to a fiduciary standard. Incidentally, the survey, entitled 2007 Consumer Understanding of a Fiduciary Standard, was conducted from December 11, 2006 to February 28, 2007.
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