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 the Department of Labor’s (DOL) announcement to move forward with the implementation of the fiduciary rule on June 9:
“The Coalition applauds the administration’s decision to move forward with components of the fiduciary rule while the DOL continues to seek public input. This is an important first step to ensure that Americans who are saving for retirement have an enforceable standard, which will require advisers to put their customers’ financial interests ahead of their own. The Coalition congratulates the individuals and organizations involved in protecting these valuable safeguards under the fiduciary rule.
“Requiring advisers to work in the best interest of Americans saving for retirement is an essential and long overdue reform. Many in the financial services industry have already acknowledged the rule’s benefit to consumers and have taken action to comply with the DOL fiduciary rule, but there is still more to be done, as millions of Americans anxiously await a decision from the agency. The Coalition looks forward to working with the DOL and Secretary Acosta in the months ahead to ensure these best practices are upheld through the full implementation of the rule.”