Author Archives: Carolyn Sofman

Watch: DOL Fiduciary Rule: What Are the Practical Implications?

On July 21, 2016, the Financial Planning Coalition – comprised of CFP Board, FPA and NAPFA – hosted a webinar to discuss the practical implications of the Department of Labor’s new rule amending the definition of “fiduciary investment advice” under ERISA.

In this recorded webinar, ERISA expert Tom Clark, Of Counsel at the Wagner Group, provides a brief review of the DOL rule and address the most frequent recurring questions the Coalition has received from stakeholders, including:

  • The application of the Best Interest Contract Exemption,
  • A discussion of how firms and advisors are reacting to the rule, and
  • Things that advisors and firms need to do to begin the process of complying with the rule.

Please click here to view the webinar questions and answers.

Financial Planning Coalition Commends President Obama for Vetoing H.J. Res 88

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 veto of H.J. Res 88, which would nullify the Department of Labor’s final fiduciary rule:

“The Financial Planning Coalition commends President Obama for vetoing this unnecessary and misguided Congressional resolution, which would have left millions of American retirement savers open to harmful retirement advice. We urge Congress to resist any further attempt to delay or roll back this important consumer protection that ensures retirement savers’ best interests are put first.”

Financial Planning Coalition “Extremely Disappointed” about Lawsuit to Block Final 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 a lawsuit from nine organizations, including the U.S. Chamber of Commerce, to block to the Department of Labor’s final fiduciary rule:

“The Financial Planning Coalition is extremely disappointed that these organizations have resorted to litigation to challenge a popular and commonsense rule that is long overdue. Any further delay in the implementation stands to negatively impact millions of American retirement savers. We urge these organizations to instead join many in the financial services industry, who have already begun implementing the rule, in recognizing that the final fiduciary rule is good for businesses and for consumers.”

Financial Planning Coalition Statement on Senate Vote to Disapprove 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 vote in the Senate to block the Labor Department’s final fiduciary rule under the Congressional Review Act:

“Today’s vote, like the House vote before it, is a misplaced attempt by the Senate to derail a rule that will help millions of Americans grow and protect their retirement savings. We urge Congress to reject this and any future attempts to block this important consumer protection.”

Financial Planning Coalition: SEC Fiduciary Standard “Gaining Steam”

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 SEC’s latest regulatory agenda, which includes plans to propose rules to establish a uniform fiduciary standard of conduct for broker-dealers and investment advisers when providing personalized investment advice about securities to retail customers:

“Last week’s news that the Securities and Exchange Commission (SEC) intends to move towards requiring broker dealers to provide investment advice under a fiduciary standard is an encouraging sign that this important investor protection, long a Coalition priority, is gaining steam. We believe the Department of Labor’s fiduciary rule provides a framework for an SEC rule that applies the same standards to advice beyond retirement plans and IRAs. Investors – whether receiving advice for retirement assets or other investments – deserve advice that is in their best interests. The Coalition looks forward to working with the SEC on this critical investor protection.”

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.”