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) – called on members of the Senate and House of Representatives to oppose any action that will delay or prevent implementation of the Labor Department’s (DOL) fiduciary rule.
“We understand opponents of the fiduciary rule are aggressively advocating for a rider on the spending bill now under discussion that would prohibit DOL from implementing the fiduciary rule; this advocacy is based on the mistaken belief that an alternative to the fiduciary rule is needed,” the group wrote in a letter sent on April 25. “We urge you to strongly oppose any rider that will delay or prevent implementation of the fiduciary rule, which requires financial professionals to provide retirement investment advice in the best interest of retirement investors.”
The Coalition added that “any Congressional action would effectively kill the fiduciary rule, leaving American retirement savers unprotected from investment advice that is not in their best interest. Congressional action is unnecessary given the extraordinarily lengthy and transparent notice and comment process that has already occurred.”
The Coalition urges Congress to allow the DOL to continue its crucial work to protect retirement investors. Many in the financial services industry have already begun implementation of the rule, as it benefits both American businesses and American consumers. Indeed, the Coalition brings a unique perspective to this discussion; its stakeholders and members have committed to provide financial planning services under a fiduciary standard of conduct. The Coalition believes that requiring advisers to work in the retirement investor’s best interest is an essential and long overdue reform.