NAIFA CEO Comments on DOL Decision Not To Extend Delay of Fiduciary Rule

NAIFA's CEO issued the following statement:

"While NAIFA is disappointed that DOL does not believe it has the legal standing to implement a full delay, we are eager to work with the administration and Members of Congress to make needed revisions," said NAIFA CEO Kevin Mayeux, CAE. "Tomorrow, 700 advisors from every state participating in NAIFA's Congressional Conference will visit Capitol Hill offices and emphasize the unique ability of NAIFA members to provide real examples of how the rule would limit choice and have a detrimental impact on everyday Americans. This burdensome  regulation will negatively impact millions of American families who rely on their trusted advisors to help them have financially secure futures. We will encourage Members of Congress to utilize the expertise of NAIFA members in their efforts to get this rule right."
 


Comments
Brian H Ashe
The effort to "harmonize" the fiduciary standard with the "suitability" standard was never made during the tenure of Tom Perez and Phyllis Borzi at the Department of Labor. To have "harmony" you have to have at least 2 voices. From their inception, the new regulations were designed to eliminate commission based compensation and sanctify fee based compensation, thereby allowing just one voice. No one has ever been able to legislate morality and characterizing all commission based compensation as tainted and conflicted does a disservice to many fine advisors and misleads consumers in the belief that fiduciaries are pure. They are not. Bernie Madoff was a fiduciary. The new regs will hurt many people and need to be revised. We have always had "choice" in the United States. Let's bring it back. And let's make people feel more confident with great disclosure, not complicated regulations that will create a minefield of litigation and withdrawal of financial tools from the great middle class that so badly needs them.
5/23/2017 7:47:14 PM