FSI Statement on DOL’s Proposed Rule & Guidelines on State-Run Retirement Plans

Below is a statement from David Bellaire, FSI’s Executive Vice President & General Counsel, on the Department of Labor’s proposed rule and guidelines on state-run retirement plans:

“While we are still reviewing the proposed rulemaking, we are concerned that state-run retirement plans lack access to the quality, individualized financial advice Americans need in order to meet their financial needs in retirement. Research shows that those who work with a professional financial advisor save more and are more confident in their retirement savings. We want to work with the states to address the retirement savings crisis through financial literacy programs and ensuring continued access to quality, affordable financial advice. We look forward to working with the Department of Labor on this issue.”

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.