As we continue our efforts to defend our industry and our members’ clients against the damaging impact of the Department of Labor’s (DOL) proposal to expand the definition of “fiduciary” under ERISA, FSI members across the country are engaging their members of Congress in their home states and districts to make their voices heard on this crucial issue.
In the past six weeks alone, 122 financial advisor members attended approximately 30 meetings across the country. They met with congressional representatives in Minnesota, Arizona, Alabama, Michigan, Wisconsin, Oklahoma, Massachusetts, North Carolina, New York, Virginia, Oregon, Pennsylvania, Florida and Georgia to discuss the DOL’s proposal. Our members also met with staff from the offices of Lisa Murkowski (R-AK), Michael Bennet (D-CO), Al Franken (D-MN), Bob Casey (D-PA) and Johnny Isakson (R-GA). Members met personally with Senators Michael Enzi (R-WY) and House Education and the Workforce Committee Chairman John Kline (R-MN-2).
During these meetings, our members had the opportunity to share information with members of Congress on the client engagement process, underscoring the value of working with an in-person advisor during difficult times. They discussed the unworkable aspect of the DOL proposal and asked their representatives to support fixes that will protect investors’ access to retirement advice and do not disrupt the current retirement savings landscape.
We thank all of our members who took the time to meet with their congressional representatives to oppose the DOL’s proposal, and we ask all members to stay engaged on this crucial issue in the months ahead. If you haven’t already, please encourage your clients to take action by informing them about MySavingsMyChoice.org. This easy-to-use site allows for each investor to send letters to Congress and DOL, urging them to protect their retirement by ensuring their access to financial advisors, products and services.