NAIFA Letter Urges OMB to Ensure DOL Fiduciary Rule Is Workable

NAIFA has submitted comments to the White House Office of Management and Budget urging OMB to ensure that the Department of Labor’s proposed fiduciary rule “reflects a careful assessment of the economic and other impacts it will have on American investors, small businesses, or the investment advisor community.”
 
DOL sent the proposed regulation to OMB for mandatory review on January 28. The current version of the rule has not been made public, but earlier versions contain provisions that would be unworkable for advisors and their clients.
 
NAIFA has asked OMB during its review to pay close attention to how the DOL rule could reduce retirement investors' access to affordable, personalized advice; limit access to investment education; force small investors into fee-only arrangements that may not fit their individual desires or needs; place an unreasonable administrative burden on advisors; unnecessarily increase liability for advisors; and make it more difficult for consumers to obtain guaranteed-income annuity products.
  • Posted February 23, 2016 IN


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