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.
FSI Announces 2023 Advocacy Circle of Excellence Honorees and Stephen R. Kareta Excellence in Advocacy Winners
FSI’s Annual Awards Program Recognizes members for Outstanding Advocacy Engagement on Behalf of Independent Financial Services Industry and Main Street […]Read More
FSI Announces New Board Member, Adam Malamed
Sanctuary Wealth’s CEO brings extensive industry experience to Board The Financial Services Institute (FSI) today announced the election of Adam […]Read More
FSI and Broadridge Launch New Video Guide to Help Advisors Better Explain Form CRS to Investors
The Guide can also help facilitate more in-depth and meaningful discussions between advisors and clients Today, the Financial Services Institute […]Read More