Today the Financial Services Institute submitted a comment letter to the Department of Labor (DOL) regarding its proposed fiduciary rule.
“Since 2009, before Dodd-Frank was law, we supported the creation of a uniform fiduciary standard,” said FSI President & CEO Dale Brown. “However, the Department of Labor’s current proposal is unworkable. It will limit Main Street Americans’ access to much-needed retirement advice, and studies show that savers who work with an advisor save more money compared to those who try to invest on their own. The proposal will also add complexity to an already complicated regulatory environment, not only for broker-dealers, investment advisers and financial advisors, but also for investors. We are eager to work with the DOL to ensure our shared investor protection goals are met without limiting access to quality, affordable financial advice, products and services.”
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