NAIFA President testifies before House Committees on Proposed DOL Fiduciary Rule

At a House hearing on “Preserving Retirement Security and Investment Choices for All Americans,” NAIFA President Juli Y. McNeely, LUTCF, CFP, CLU, told members that the Department of  Labor’s proposed fiduciary duty rules present “complex challenges” to financial advisors and clients,  and impeding the providing of advice will only exacerbate the savings crisis in America. Among the points McNeely made in her testimony:
  • NAIFA remains concerned about the negative consequences that the rule, as drafted, would have on middle income retirement savers.
  • Members of Congress should urge the Department of Labor to re-propose the rule if the DOL intends to proceed with this rule-making process.
  • NAIFA is a supporter of H.R. 1090, the “Retail Investor Protection Act,” which will allow for adequate study by the SEC to determine whether the imposition of new duties and obligations is advisable.
“American investors need more personalized assistance and more options with respect to retirement planning and saving, not less. Unfortunately, the Department’s proposed rule, along with its proposed amendments to existing prohibited transaction exemptions (PTEs), threatens to be counterproductive with respect to this country’s retirement crisis by making it both more expensive and harder, not easier, to provide investors—particularly those who need it most—with the services and products that could help them live independently during their retirement,” McNeely testified.
 
On  Sept. 8, the DOL posted the transcripts of the four-day long public hearing on the Conflicts of Interest proposed regulatory package. NAIFA will submit additional comments prior to the close of the final comment period on Sept. 24, 2015.
 
 Read complete statement, and comments filed in July.


Comments
Mark S Gardner
Please reconsider this proposal
9/13/2015 6:15:44 PM