Category Archives: Fiduciary

Financial Planning Coalition Statement on President Trump’s Directive 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 on President Trump’s presidential memorandum that would halt the implementation of the U.S. Department of Labor (DOL) Fiduciary Rule:

“The Financial Planning Coalition strongly opposes the action taken today by President Trump to halt the Department of Labor’s Final Fiduciary Rule that will protect millions of Americans saving for retirement. With just two months to go before its implementation date, the President has effectively given the green light to maintain the status quo of conflicted financial advice.

By issuing this memorandum, the President is directing the Department of Labor to produce an outcome that will likely lead to either a complete gutting of this thoroughly vetted consumer protection or lead to its outright demise. Either one is a bad outcome for American retirement savers.

The Coalition applauds those firms and individuals who have already acknowledged the rule’s benefit to consumers and taken action to comply with the DOL Fiduciary Rule. Already we are seeing benefits for retirement savers in the form of lower fees, more options and firms developing additional ways to serve middle-income Americans.

While we disagree with the Trump Administration’s approach to the rule, the Coalition – which represents nearly 80,000 financial planning professionals of all business models and sizes – will continue to seek opportunities to work with the Trump Administration to support consumer-first legislation and regulations.”

Financial Planning Coalition Statement on 2016 Presidential Election

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 2016 Presidential election:

“The Financial Planning Coalition will work with President-elect Trump and the new Administration to support consumer-first legislation and regulations. This includes implementing the Department of Labor’s best interest standard that will benefit millions of retirement savers as well as the SEC’s Section 913 fiduciary standard for retail investors.”

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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.”