As DOL Prepares Fiduciary Rule, NAIFA and Industry Partners Gear Up to Act

The Department of Labor sent its fiduciary duty rule to the White House Office of Management and Budget for mandatory review on January 28. The OMB review can take up to 90 days, but media reports suggest the administration will expedite the process. DOL could issue the final rule in late February or early March.
 
“We don’t know what is in the final rule, but the version DOL proposed last year is unworkable and would have serious consequences for advisors, small businesses and individual investors planning for retirement,” said NAIFA President Jules Gaudreau. “We hope for the best but are preparing advocacy strategies for whatever DOL has decided.”
 
NAIFA supports an effort in Congress to provide a legislative alternative to the DOL proposal. The legislation is working its way through congressional committees and would ensure that advisors must look out for their clients’ best interests without disrupting client-advisor relationships or reducing consumers’ access to advice the way the DOL proposal would.
 
It is important for advisors to understand the DOL rule and how it could impact their practices and clients. When DOL makes the final rule public, NAIFA will provide a detailed analysis for members.
 
For now, NAIFA has created numerous resources on the DOL fiduciary issue. They are available on the NAIFA Web site.
 
Our industry coalition partners have also put together some useful materials. Most recently, the U.S. Chamber of Commerce released an issue brief on the rule that includes the “seven reasons you should be worried.”
 
For more on the issue, see also:
The Secure Family Coalition
The ACLI Fiduciary Rule page
The SIFMA DOL Fiduciary Standard Resource Center
 
  • Posted February 5, 2016 IN


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