Coalition Statement on White House announcement on DOL Fiduciary Proposal

The Financial Planning Coalition issued the following statement regarding the White House’s announcement that the Department of Labor’s (DOL) long-anticipated proposed rule to amend the definition of “fiduciary” under the Employee Retirement Income Security Act (ERISA) has been sent to the Office of Management and Budget (OMB) for review:

“Today’s White House announcement in support of the Department of Labor’s fiduciary rule proposal is a strong sign that investor protection is a priority for this Administration. Given the significant changes to retirement saving since the passage of ERISA, it is entirely appropriate for the DOL to reevaluate the 40 year-old rule defining the fiduciary standard for those financial professionals providing investment advice to retirement savers. We look forward to reviewing the department’s proposal, and urge OMB to complete its review of the rule in a timely fashion. Saving for a decent retirement is a fundamental part of life for every American. Those who work hard and save for the future deserve financial professionals whose primary concern is the best interests of their clients and not their bottom line.”