NAIFA President to testify on conflict of interest rule

The Department of Labor, specifically the Employee Benefits Security Administration (EBSA), will hold a public hearing Aug. 10-13 on its proposed conflict of interest rule and related proposed prohibited transaction exemptions. NAIFA President Juli McNeely and her small business-owner client will testify at 4:15 p.m. on Aug. 11.

As a small business owner, McNeely will describe the financial services she offers to small- and mid-market clients, and the important role advisors play in helping consumers save for retirement. She also will tell the panel why the proposed regulation is costly and confusing, and how it will result in less access to small- and mid-market income savers.

McNeely tells InsuranceNewsNet that DOL revisions are necessary, and urges NAIFA members to continue to speak out about their concerns over the proposed rule by contacting the DOL and writing their representatives. 

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