On Wednesday, June 17, 2015, FSI Board Member, Dean Harman, Certified Financial Planner and Managing Director of Harman Wealth Management, testified before the House of Representatives’ Committee on Education and the Workforce, Subcommittee on Health, Employment, Labor and Pensions.
As a representative for FSI and the only financial advisor on the panel, Harman discussed the implications of the Department of Labor’s proposal and the regulatory burdens that could limit financial advisors’ ability to give retirement advice.
“This proposal is also just too costly for investors seeking retirement services,” said Harman in his testimony.
During the hearing, Harman highlighted three important points:
- The support of FSI and many other independent financial advisors for a uniform fiduciary standard
- The complexity surrounding the current DOL proposal in regards to the definition of the term “fiduciary” for purposes of the Employee Retirement Income Security Act of 1974 (ERISA)
- The implications of the DOL’s proposal and its impact on financial advisors’ abilities to service their small and mid-size clients
To watch Dean Harman’s testimony, click here.
To read Dean’s full written testimony, click here.