Financial Planning Coalition to Congress: Allow DOL Fiduciary Rulemaking Process to Proceed for the Benefit of American Retirement Investors

The Financial Planning Coalition issued the following statement in support of the Department of Labor’s (DOL) re-proposed fiduciary rule, in advance of this morning’s hearing before the House Financial Services Committee’s Subcommittees on Capital Markets and Government Sponsored Enterprises and Oversight and Investigations:

“The Coalition urges Congress to allow the DOL to continue its fiduciary rulemaking process without further delay or obstruction. The DOL has provided – and continues to provide – ample opportunities for input from all stakeholders.

“This strengthened fiduciary rule is long overdue. Under the current 40-year-old regulatory framework, too many Americans receive conflicted advice that is not in their best interest, which eats away at retirement investors’ nest eggs over time.

“The DOL’s re-proposed rule – with some important modifications – will benefit retirement investors and advisers alike, offering a workable, flexible approach across business models. The Coalition’s nearly 80,000 financial planners have committed to providing financial planning services under a fiduciary standard. And since CFP Board adopted the fiduciary standard for Certified Financial Planner™ professionals in 2007, the number of CFP® professionals has grown by more than 30 percent.

“Every American deserves a secure retirement, and the retirement savings advice they receive should always be in their best interest. The DOL’s rule would bring about much-needed re-alignment in retirement advice to better reflect today’s reality, in which Americans are responsible for their own retirement security.”