Author Archives: Carolyn Sofman

Financial Planning Coalition Statement Opposing Congressional Vote to Stop DoL Fiduciary Rule

Washington, D.C. – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®) and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement regarding today’s House vote to stop the Labor Department’s final fiduciary rule under the Congressional Review Act:

“Congress’ latest move is an effort to derail critical reform needed to protect millions of Americans’ retirement savings. The Department of Labor, through careful deliberation and review, has crafted a final rule that brings additional consumer protections, preserves access to retirement advice and ensures financial service firms can continue to serve their clients. Many major financial services firms and organizations have signaled their support for the rule; Congress should now do the same.”

Financial Planning Coalition Statement Opposing Congressional Efforts to Block DoL Fiduciary Rule

Washington, D.C. – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®) and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement regarding Congressional efforts to block the Labor Department’s final fiduciary rule, under the Congressional Review Act:

“The Financial Planning Coalition opposes any effort by Congress to thwart the Department of Labor’s final fiduciary rule, which reflects extensive public comment and articulates common-sense standards for ensuring financial advice in consumers’ best interest. Initial reactions from many financial services firms and professionals – across business models – have been largely supportive and focused on implementation rather than opposition. We strongly urge Congress to step back, respect the comprehensive feedback process, and not to interfere with final implementation of this important rule to benefit millions of American retirement savers.”

Financial Planning Coalition Statement on Labor Department’s Announcement of Final Fiduciary Rule to Increase Protections for Retirement Savers

The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement regarding the Department of Labor’s (DOL) announcement of a final rule requiring fiduciary-level advice for all Americans’ retirement assets under the Employee Retirement Income Security Act (ERISA):

“The Financial Planning Coalition applauds the Department of Labor for its commitment to American investors and retirement savers. Based on our initial review, this rule, achieved through an inclusive, comprehensive review process, carefully balances needed consumer protections with preserved access to retirement advice. The end result is a rule that will help bring millions of Americans much closer to a secure, dignified retirement. We urge Congress not to harm American investors and retirement savers by dismantling this important consumer protection.”

Note: Marilyn Mohrman-Gillis, CFP Board’s Managing Director of Public Policy, will speak on the Coalition’s behalf on a panel moderated by Department of Labor Secretary Tom Perez to discuss the final rule and its impact during an event at the Center for American Progress. The event begins at 11:30 a.m. and can be viewed at www.dol.gov/live. Follow the event and other developments related to the final rule’s release on Twitter with the hashtag #SaveYourSavings.

Financial Planning Coalition Statement on Secretary Perez’s Testimony

The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement regarding Secretary Perez’s discussion of the upcoming Department of Labor fiduciary rule during a hearing before the House Committee on Education and the Workforce:

“We commend Secretary Perez and the Department of Labor for taking steps to enhance protections for retirement savers and conducting an inclusive and thorough rulemaking process that has carefully sought and weighed input from all stakeholders. We remain optimistic that the final rule developed under Secretary Perez’s leadership will thoughtfully balance investor protections with access to reliable retirement advice and will allow millions of Americans to achieve financial security in retirement. We urge Congress not to further delay or derail this important consumer protection.”

Financial Planning Coalition Statement on SEC Nominations Hearing

Washington, D.C. – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement regarding the U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing to confirm Lisa Fairfax and Hester Peirce to the Securities and Exchange Commission’s (SEC) five-member committee:

“The Financial Planning Coalition calls on the Senate Banking Committee to confirm nominees Lisa Fairfax and Hester Peirce. We look forward to working with both new Securities and Exchange Commissioners and remain hopeful that with all five Commissioners in office, the Commission will fulfill its investor protection mission. This includes following Chair White’s recommendation to develop a uniform fiduciary standard for broker dealers who provide retail investment advice. An SEC fiduciary standard will provide meaningful protections to American investors.”

Financial Planning Coalition Statement on President Obama’s FY 2017 Budget Proposal

Washington, D.C. – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement regarding President Obama’s FY 2017 budget proposal:

“The Financial Planning Coalition applauds President Obama for his leadership and commitment to protecting American investors and retirement savers. In particular, increasing the annual funding for the Securities and Exchange Commission will help to ensure that there is sufficient oversight of investment advisers. We urge lawmakers to preserve the increase the President is recommending as it will help support the SEC in its investor protection mission. The Coalition is also pleased to see that the President continues to recognize the importance of reasonable protection for savers and retirees from misleading and harmful retirement advice through increased funding for the Department of Labor’s Employee Benefits Security Administration (EBSA). Investors and the economy, more broadly, will benefit from the Obama Administration’s steadfast dedication to the American middle class.