DOL's proposed fiduciary regs on agenda at NAIFA conference

The Department of Labor’s proposal to expand the definition of investment advisor fiduciaries under ERISA is “complex and costly,” and ultimately would reduce consumer choice and access to affordable financial advice, members of the National Association of Insurance and Financial Advisors will tell Congress May 20 during meetings on Capitol Hill.
“Regulations are important to protect consumers and to ensure their continued faith in their financial advisers,” said NAIFA President Juli McNeely, LUTCF, CFP, CLU. “But regulations should be smart and address real problems. They should not hinder access to professional guidance by imposing higher costs for services to those who need it the most: lower- and middle-income retirement savers.”
On May 20, nearly 800 NAIFA members will tell Congress how the rule could impact the industry and service to their clients, including:
  • Limiting advice regarding plan distributions (including IRA rollovers) to retirement savers; limiting advice to small plan sponsors; and limiting education.
  • Restricting advisors affiliated with plan service providers (e.g., the insurance company) from selling variable annuities.
  • Mandating impractical and costly burdens on advisors and financial institutions.
 NAIFA members also will educate Congress on issues concerning tax reform, encouraging members to ensure that any proposals will strengthen – not weaken – the ability of 75 million American families to continue to rely on life insurers’ products to secure their futures.
On May 19, registrants will attend an advocacy briefing at the Hilton Crystal City. On May 20, the 800 attendees will go to Capitol Hill for meetings with their Senators and Representatives.
Media are invited to attend the advocacy briefing. Please RSVP to NAIFA’s Mark Briscoe or Sheila Owens.
WHERE:         Hilton Crystal City
SPEAKERSCongresswoman Ann Wagner (R-MO)
                        Gov. Dirk Kempthorne, President and CEO, American Council of Life Insurers
WHEN:            1:30 p.m., Tuesday, May 19
CONTACT:    Mark Briscoe,; (703) 770-8111
                         Sheila Owens, or (703) 770-8112
Members of NAIFA’s Executive Committee and Government Relations staff also will be available for interviews throughout the Congressional Conference. Please contact Mark Briscoe or Sheila Owens. 
  • Posted May 11, 2015 IN

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