Credit union financial advisers may be better positioned than others to adapt to the Department of Labor's controversial fiduciary standard for qualified retirement accounts, according to a study released by Kehrer Bielan Research & Consulting on Wednesday.
The new rules will push advisers working in financial institutions to move from primarily transaction business to all advisory business. Congress passed a joint resolution that would have disapproved of the rules, but President Obama vetoed the resolution and Congress failed to override it.
The company's annual benchmarking study found that credit unions are far ahead of others in making the transition.
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