Financial Planning Coalition Statement Following SEC Meeting on Fiduciary Standards

Washington, D.C., April 18, 2018 – 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 in response to today’s Securities and Exchange Committee meeting on fiduciary standards.

“The proposals – as discussed by the SEC – appear to be a step forward for investors.

The Financial Planning Coalition looks forward to thoroughly reviewing each of the three proposals in great detail and providing input to the commission informed by CFP Board’s recently approved new Standards of Conduct and Code of Ethics.

We appreciate the opportunity to comment on these proposals and will make recommendations to strengthen them in keeping with what consumers expect and deserve – a fiduciary standard requiring financial professionals to put their clients’ interest first when providing financial advice.”

Financial Planning Coalition Statement on SEC Fiduciary Standards Meeting

Washington, D.C., April 18, 2018 – 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 in advance of the Securities and Exchange Commission meeting on fiduciary standards.

“Today, the SEC will finally have a meeting that should have happened nearly eight years ago when Congress explicitly authorized the SEC to enact a fiduciary rule under the Dodd-Frank Act. We expect to hear the Commissioners express support for this important consumer protection and that the proposed rule will have meaningful language providing American investors a fiduciary standard of care. We look forward to reviewing the SEC’s proposal and to submitting our comments as part of the public comment process.”

Financial Planning Coalition Responds to Court’s Decision on DOL Fiduciary Rule

Washington, DC – The Financial Planning Coalition (Coalition) – comprised of Certified Financial Planner Board of Standards (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement in response to the latest court decision regarding the Department of Labor’s fiduciary standard rule:

“The Coalition has been a long-time advocate for a fiduciary standard for investment advice. While we are disappointed in the 5th Circuit Court of Appeals decision, we will continue to support rule-making that will bring substantial practical benefits and additional investor protections for all consumers. The Coalition looks forward to reviewing the Securities and Exchange Commission’s proposed rule and to providing feedback and comments that are in the best interest of consumers and financial advisors.

A strengthened fiduciary rule, encompassing the duties of care and loyalty, is both necessary and appropriate for all financial professionals providing personalized investment advice and represents the best way to protect American investors. A meaningful, legally enforceable fiduciary standard of care that puts investors’ interests first is the best way to strengthen investor protection when personalized investment advice is dispensed.”

The Coalition has previously shared its stance on this topic, most recently highlighted in its response to the SEC’s request for information regarding standards of conduct for investment advisers and broker-dealers.

Financial Planning Coalition Comments on New York State Department of Financial Services’ Proposed Amendments to Insurance Regulation 187

The Financial Planning Coalition (Coalition) – comprised of Certified Financial Planner Board of Standards (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) – recommends that the New York Department of Financial Services revisit two provisions of the proposed amendments to Insurance Regulation 187 in order to 1) establish a clear, strong fiduciary mandate; and 2) strengthen the certification and designation requirements vis-à-vis financial planning and financial advice. The Coalition’s comment letter can be found here.

Financial Planning Coalition Responds to Colorado HB18-111, Concerning the Board of Trustees of the Public Employees’ Retirement Association

The Financial Planning Coalition (Coalition) which is comprised of the Certified Financial Planner Board of Standards (CFP Board), Financial Planning Association® (FPA®) and National Association of Personal Financial Advisors (NAPFA), supports adding a CFP® professional to the Board of Trustees of the Public Employee’s Retirement Association (PERA). The Coalition’s full response can be found here.

Financial Planning Coalition Urges Trump Administration to Prioritize Fiduciary Standard Rule

Washington, D.C., February 2, 2018 – 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 surrounding President Trump’s State of the Union Address and the one-year anniversary of his presidential memorandum ordering a review of the Department of Labor’s (DOL) fiduciary rule.

“President Trump lauded the growth of Americans’ 401(k)s and pensions during his first State of the Union Address. But while many Americans’ retirement savings continue to thrive, it is imperative that these financial gains are preserved for the long term. The American people deserve to get a good deal when they seek advice for retirement savings. The Coalition calls on the President and his regulatory agencies to prioritize full implementation of a fiduciary standard of care to prevent conflicted financial advice and protect Americans’ hard-earned savings.”

One year ago, the President submitted a presidential memorandum to the Labor Secretary to review its fiduciary rule. Since then, the DOL has delayed the full implementation of the rule – which already addresses concerns raised by lawmakers, regulators, financial industry organizations, public interest groups and consumers – and unnecessarily jeopardizes the financial well-being of millions of Americans, who lose billions of dollars each year because of conflicts of interest. Continued delay of this important measure denies millions of people the retirement security that they deserve.

While the Coalition is pleased that the Securities and Exchange Commission (SEC) is pursuing a fiduciary standard for all investment advice, it is important that any rule proposed by the SEC not replace but complement the DOL rule.

The Coalition believes that requiring advisers to work in retirement investors’ best interest is an essential and long overdue reform. The Coalition strongly urges the Department of Labor to continue its work toward full implementation of investment advice standards that can support American businesses and consumers as soon as possible.