Financial Planning Coalition Statement on Department of Labor’s Decision to Delay Enforcement Provisions of Fiduciary Rule

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 related to today’s announcement from the Department of Labor delaying enforcement provisions of its fiduciary rule until July 2019:

“The Coalition believes that requiring advisers to work in retirement investors’ best interest is an essential and long overdue reform. Delaying enforcement of the fiduciary rule – which already addresses concerns raised by lawmakers, regulators, financial industry organizations, public interest groups and consumers – unnecessarily derails that reform and jeopardizes the financial well-being of millions of American savers, who lose billions of dollars each year because of conflicts of interest. The Coalition strongly urges the Department to continue its work toward full implementation of investment-advice standards that can support businesses and consumers as soon as possible.”