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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s