NAIFA Blog

NAIFA Leaders Meet With White House Officials on the DOL Proposed Rule

May 14, 2015

On May 4, NAIFA President Juli McNeely, Past President Terry Headley, Acting CEO Michael Gerber and several staff members met with officials from the White House and Department of Labor to discuss NAIFA’s concerns about DOL’s proposed “best interest” rule for retirement plan advice. We asked Juli and Terry to tell us about the meeting.     How would you describe your meeting with Department of Labor and White House officials?   Juli McNeely: I felt like it was a productive m...

DOL's proposed fiduciary regs on agenda at NAIFA conference

May 11, 2015

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 ...

Here’s Why the DOL Fiduciary Proposal Would Have a Huge Impact on Advisors and Investors

May 8, 2015

The Department of Labor has proposed new regulations that will have serious consequences for insurance and financial advisors and their clients planning for retirement. The proposed rule would redefine a retirement investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code.   As a result, many NAIFA members who have operated effectively on behalf of clients under a suitability standard would now be considered fiduciaries and subje...

NAIFA applauds members of Congress' support to extend comment period for DOL fiduciary rules

May 7, 2015

In a letter to Department of Labor Secretary Thomas Perez, nine senators commented on the DOL’s proposed changes on who is a “fiduciary” of an employee benefit plan under ERISA. In the letter, the Democrats said that the proposed rule “has real implications on middle-class investors as well as those that assist them.” If allowed to move forward, the senators said, the rule “would have significant impacts on the retirement security of millions of Americans.” Eighteen Democrats in the H...

NAIFA requests more time to study DOL fiduciary proposal

April 23, 2015

NAIFA is among 16 organizations that have requested 120 days to comment on the Department of Labor’s proposed regulation redefining fiduciary under ERISA. The 120-day comment period is up from the 75 days that regulators are currently granting for organizations to weigh in on the proposal.   According to the organizations:   “…the Proposal comprises a voluminous amount of information and, if adopted, would represent a watershed event touching many facets of the financial...