More reps plan shift to fees post-DOL: Cerulli report

Nearly two-thirds (64%) of broker-dealer advisers plan to shift more of their business to a fee-based model if the Department of Labor's fiduciary rule is put into effect, according to a report from Cerulli Associates. The advisers believe the move will better position them to comply with the rule, Cerulli said. The Boston-based research firm also noted that close to half (47%) of all advisers believe that the registered investment adviser business model will become more appealing in a post-DOL rule environment. "As advisers become increasingly comfortable operating in a fee-based environment and embrace fiduciary duty, they may be more likely to consider the RIA channel," the report said.