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SIFMA Sends DOL Study About Fiduciary Rule Effects

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More than half (53%) of financial institutions reported limiting or eliminating access to advice in retirement brokerage accounts, impacting an estimated 10.2 million accounts and $900 billion in assets under management (AUM), according to a study of a cross-section of SIFMA members, commissioned by SIFMA and performed by Deloitte & Touche.

The 21 financial institutions that participated in the study represent 43% of U.S. financial advisers and 27% of the retirement savings assets in the market.