Letter to Members

Where has the year gone? It seems like only yesterday we were kicking off 2023 in the California desert at OneVoice. There, as we learned from and networked with one another, we were concerned about dueling and problematic proposals from the Department of Labor.

Recently, the Department sent its retirement security rule proposal to the Office of Management and Budget (OMB). This proposal is DOL’s latest iteration of a conflict of interest rule – the prior 2016 fiduciary rule was overturned by the courts following a legal challenge mounted by FSI and other financial services trade associations. We are also now awaiting the White House’s review of DOL’s final worker classification rule that could force independent financial advisors to become employees of their independent financial services firm.

Ready to Engage and Fight for You

Nine months later, we’re still waiting to see the details of these rules.

Both will have far-reaching implications for the industry and millions of savers nationwide. Once they see the light of day, we stand ready to engage the Department and fight on behalf of our members and the clients you serve – just as we have done in the past on these and other key advocacy priorities.

Your Collective Voice

While we have an established track record of achieving meaningful results for our members and the Main Street clients you serve, there is a limit to what we can accomplish by ourselves. Indeed, the importance of your collective voice backing our efforts cannot be understated. 

It’s why events like our recent Hill Day are so important. When lawmakers hear directly from their constituents on the issues that influence our industry they become more personal and harder to ignore.

If you weren’t able to join us this time, I encourage you not to wait until next year’s Capitol Hill Day to get involved. Respond to our calls to action or reach out to our Political Engagement team for ways you can move the needle on these critical issues that could wreak havoc on your business and impact the ability of your clients to save and invest for retirement.

While the equity markets have recovered after experiencing losses last year, many American families still face challenges on multiple fronts, including still high inflation, spiking borrowing costs and the looming threat of a recession. Against this backdrop, investors need your advice and services more than ever – which is why I urge you to actively support our advocacy in the weeks and months ahead. It promises to be a crucial time for you, your clients and the industry.

Thank you for your support and engagement.

Sincerely,

Dale