Survey: Americans favor fiduciary rule, but few know what it means

Although a recent survey from Financial Engines shows an overwhelming number of Americans declaring themselves in favor of the intent of the Department of Labor's fiduciary rule, it also reveals a significant lack of knowledge on what the rule means. Sixty-eight percent of respondents said they had never heard of it, and only 21% could correctly identify the difference between a fiduciary adviser and a nonfiduciary adviser.

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