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.
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