On Wednesday, April 27, several financial services trade associations, including FSI, sent a letter to Congress regarding H.J. Res. 88. This joint resolution disapproves the recent rule submitted by the Department of Labor relating to the definition of the term “Fiduciary.”
David Bellaire, our Executive Vice President & General Counsel said in a statement that “FSI strongly encourages Congress to pass H.J. Res. 88 and preserve Main Street Americans’ access to affordable, objective financial advice. The Department of Labor’s (DOL) fiduciary rule will increase costs for investors and limit their access to professional financial advice and services, making saving for a dignified retirement more difficult.”
For more information about the rule and its impact on your business, visit our website at www.financialservices.org.