FSI Statement on DOL Fiduciary Rule Becoming Applicable

Today, Financial Services Institute (FSI) President & CEO Dale Brown released the following statement on the Department of Labor fiduciary rule:

“We have fully supported an SEC created uniform fiduciary standard since before Dodd-Frank become law. At the same time, we have opposed the DOL fiduciary rule because of our belief that it will push the cost of retirement advice and planning services out of the reach of Main Street investors. Unfortunately, the DOL’s decision not to further extend the DOL fiduciary rule’s applicability date will make those concerns a reality. This decision will make it harder for many Americans to save for a dignified retirement.

While we are disappointed in this latest development, we agree with the guiding principles Secretary Acosta outlined: that Americans should be trusted to make their own decisions about retirement planning advice, products and services they need; that the rule should benefit the investing public, not the plaintiffs’ bar; and that the DOL should take full advantage of the SEC’s expertise to craft a better rule.

We will work with Secretary Acosta, Congress and through the legal system to bring clarity to our members, and relief to hard-working Americans. And we will continue to bring our members critical tools to help them comply with this rule in the meantime.”

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.