WASHINGTON, D.C. – Today, the Financial Services Institute (FSI) submitted a supplemental comment letter to the Department of Labor (DOL) regarding its proposed fiduciary rule.
“We thank the Department of Labor for this opportunity to provide additional comments on this far-reaching proposal,” said FSI President & CEO Dale Brown. “We share the common goals of promoting retirement security, a fiduciary best interest standard of care, and a seamless rollout and implementation of a final rule. Yet we are concerned that the proposal is unworkable as it is currently written. It is critical that Main Street Americans saving for a dignified retirement have access to individualized retirement advice from a professional financial advisor. As mentioned in our comment letter, as well as thousands of others that have been submitted, this complex and costly proposal will limit middle class investors’ access to much-needed retirement advice. We strongly encourage the Department to factor in the comments and alternatives they have received to ensure the final rule meets our shared investor protection goals without limiting access to quality, affordable financial advice, products and services.”
The comment letter outlines FSI’s concerns with the proposal, suggested changes, an alternative to the proposed Best Interest Contract Exemption (BICE), as well as an example comparing the customer experience in an IRA rollover under existing law, the proposed BICE and FSI’s suggested alternative.
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.