Labor Department’s fiduciary proposal is unworkable

Since the Labor Department issued its revised proposal to expand the definition of “fiduciary” under ERISA to include any financial adviser who provides guidance to investors in retirement accounts, the Financial Services Institute has been hard at work combing through the proposed rule in order to understand and analyze its impact on independent financial advisers and their clients.

After several months of careful review, thoughtful discussions with our members, and dialogue with the DOL, the White House and other regulators, we have come to a distressing conclusion: The DOL’s revised proposal, as currently written, is unworkable for financial advisers and stands to do serious damage to American retirement savers and retirees.

Read more from InvestmentNews here.


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