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.